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Doctoral Education Doctoral Programme in Finance

Research and training in finance at the highest level.

The programme attracts promising students in a stimulating environment. Its goal is to produce scholars with expertise in finance, economics, and data science.

• Department of Finance

Duration 3-5 years

Working Languages English

Admissions From November to June

Fee €200/semester

Student on the job market 2023-2024

Aleksandr ermakov.

Ph.D. in Finance  University of Luxembourg

An ambitious programme

The programme offers training comparable to the most renowned finance departments. The first year is an intense coursework. It goes from the basics to the knowledge frontier in economics, econometrics, and finance. The second and third years offer specialized courses. All courses are in English and taught by local faculty and visiting scholars from renowned universities/business schools (e.g., University of Chicago, LBS etc.). Most students typically find their doctoral advisor in the second year of the programme. Advisors take great care of the students so they can advantageously compete with students from the most renowned universities. 

A stimulating environment

The Department of Finance is situated in the heart of Luxembourg’s financial hub at Kirchberg Campus . It comprises over 15 full-time faculty members with a strong research orientation cultivated in renowned economics and finance departments, such as Bocconi University, Carnegie Mellon University, Duke University, Institut Polytechnique de Paris (ENSAE-CREST), New York University, Paris School of Economics, University of Rochester, and the Swiss Finance Institute (Universities of Geneva and Lausanne). Despite its recent creation, it has become a prominent finance department in Europe. It comfortably ranks among the top 10 European finance departments based on the number of top economics, mathematical statistics, and finance publications per capita. It provides an international and stimulating environment with regular top research seminars and several prestigious conferences. Furthermore, its collaborative spirit extends within the University of Luxembourg, with close ties to the Department of Mathematics and the Department of Economics and Management. The Department of Finance also collaborates with key players in Luxembourg’s financial landscape, including the Luxembourg Financial Center, the European Stability Mechanism, the Central Bank of Luxembourg, and various other economic and financial institutions.

How to join ?

In February, admissions to the Master in Quantitative Economics and Finance ( MQEF ), which plays the role of the first year of the PhD program, open. In parallel, the Department of Finance usually posts an ad on the  University’s Job Portal .   Prospective PhD students should apply to both the  MQEF and the  University’s Job Portal . Applications are reviewed regularly. The Department of Finance contacts selected candidates. The sooner you apply, the better. Most students are hired on behalf of the Department of Finance, and find their advisor in the second year of the programme.

Candidates with a degree in Mathematics, Physics, Computer Science, Engineering or another quantitative subject are particularly encouraged to apply. Candidates who already hold a research-oriented Master’s Degree in Economics, Finance, Financial Engineering, Econometrics, Statistics, or other related fields (ideally with a quantitative focus) may, exceptionally, directly join the second year of the programme.

Scholarships are available for promising students in the first year (Master in Quantitative Economics & Finance).

Full-time positions with a competitive salary are offered from the second year.

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PhD in Finance at a glance

Join EDHEC’s PhD in Finance programme to develop your expertise and work with researchers specialising in your company’s core concerns, all without interrupting your career.

Next intake

September 2025

ABOUT THE EDHEC PhD IN FINANCE PROGRAMME

EDHEC Business School believes that academic research has a vital role to play in promoting innovation and raising professional standards. With a century-long tradition of serving the needs of the community, it has a long-established ‘research for business’ focus and a well-embedded educational credo of ‘professional development through research-based excellence’. The EDHEC PhD in Finance is the culmination of this ambition. 

The programme is taught by an exceptional team of international scholars who not only hold prestigious qualifications, distinctions and appointments but, more importantly, have also made significant contributions to the field of financial economics, furthering theory and impacting practices through research, consulting and executive education.

Undertaking a PhD in Finance | EDHEC Business School  

EDHEC Business School has been offering a unique PhD in Finance program since 2008. The EDHEC PhD in Finance is a research-oriented program which trains participants to serve as the future architects of the financial industry.   [Music]   The program is designed to prepare talented and hardworking individuals for challenges requiring an integrated view of the inner workings of financial markets and institutions, a thorough understanding of financial decision-making and its modeling and the ability to autonomously identify, analyse research questions to propose and implement creative solutions.   

Abraham LIOUI Director, EDHEC PhD in Finance, Professor of Finance, EDHEC Business School 

We have created this program, the PhD in Finance, for executives because we felt that there was a gap between the knowledge, the discoveries and the patterns that have been elicited in academia and the practice in the industry. We wanted this research to be applied within the industry that has to have an impact either by innovations or by reshaping the industry broadly speaking.   The EDHEC PhD in Finance program is designed for high-level practitioners who keep their full-time jobs. Executive participants undertake this program as a personal development step towards senior positions in the financial industry or if they already hold these positions as a way to become better leaders. It can also lead to a change of career towards academia.   People who are undertaking this program are mainly after an intellectual challenge. The PhD program offers a platform where people can think deeply about the issues that they have been facing and therefore offer solutions in the most efficient way.   The PhD in Finance program is offered in Europe from London and Nice. The program has 40 PhD graduates to date who have gone on to author over 25 publications in top academic journals and leading professional reviews.   [Music]   11 graduates in academia 9 graduates run their own company For the graduates in the industry, most changed jobs or got promoted, some teach at the Master’s level.

Neo Teng Hwee PhD in Finance, EDHEC, Chief Investment Officer, Head of Investment Products and Solutions   Practically speaking the EDHEC program is the only program that allows professionals to actually pursue a doctorate yet at the same time maintaining a full-time job. That is because the courses are conducted on a blocked week basis. So this is a very natural decision for me.  

Messaoud Chibane PhD in Finance, EDHEC, Assistant Professor, NEOMA Business School Formerly Global Head of Quantitative Research, Shinsei Bank

I think it's very relevant to finance professionals especially for those who have had a reasonably long experience in finance and who still maintain the willingness to learn fundamental aspects of finance. So, this combined with teachers who have very profound theoretical knowledge but are also very knowledgeable about practical application of finance. The fit of these two utility functions makes it very relevant to financial practitioners.    [Music]   Regions of residence (executive track participants) Asia 34% Europe Middle East Africa 30% Americas 33% Australasia 3%     The programme faculty consists of world-class specialists in Finance,  risk and investment management and economic and financial modelling. It brings together EDHEC Business Schools senior economics and finance scholars and affiliate professors from top research institutions around the world including Princeton, Wharton, Oxford, Imperial College London, Chicago, Caltech and the London School of Economics.   The programme is well balanced between courses that are related to methodologies but also to conceptual developments. So, in the first year we do cover the foundations but at the PhD level of finance. And in the following years we provide students with advanced seminars which are taught by top scholars in the world at the cutting edge of the research in several fields, be it econometrics, behavioural finance, asset pricing or corporate finance.  

Vijay Vaidynathan PhD in Finance, EDHEC, and CEO, Optimal Asset Management  

I was very attracted to the PhD programme here in particular because it's a very unique combination of superstar faculty from all over the world. So, what's unusual is for example in our classes, we had faculty from Princeton, we had faculty from the University of Chicago, and these are the very top names in their field. So even if I had done a PhD in Princeton, I would not get the faculty from University of Chicago. If I do it in Chicago I don't get the University of faculty from Princeton. So it's a very unique combination of the top international talent in terms of faculty and the interactions that are possible with these very eminent faculty. So that was what attracted me the most.  

Gideon Ozik PhD in Finance, EDHEC, and Managing Partner and Founder, MKT MediaStats  

I thought the programme was fantastic. First, when I entered the programme, I had very high expectations. But when I had finished, I realised, it went above and beyond my expectations.   The workload is something that was a bit surprising. We expected a very intensive workload. However, it turned out that the work was a lot more difficult and demanding that we initially anticipated. So it’s a real PhD. The professors that are involved in the programme are among the top in the finance world.   Number of participants enrolled: 62 Countries represented: 31 International participants: 92% Average professional experience of executive track participants: 15 years   The PhD in Finance offered by EDHEC Business School is the foremost academic and professional qualification for experienced practitioners. Sponsoring organisations benefit from the learning experience of their executives whose critical thinking and analytical and research skills enhanced by doctoral studies are of considerable value. The program requires exceptional dedication but the satisfaction of working at the frontier of knowledge and practices and Finance, and the career impact are ample rewards for those who make this commitment.   This program is super challenging not only academically and intellectually but also practically because people have at the same time to manage their job, their family and on top of this, an extremely demanding program.   [Music]   Offered since 2008, the EDHEC PhD in Finance equips professionals with the scientific background and research skills required to advance knowledge and practices in the financial industry.  It is delivered over three years in a format that minimises residency requirements to allow professionals from over the world to participate without interrupting their careers. The programme welcomes over sixty participants from some thirty countries and is offered in Europe (London and Nice). EDHEC Business School has designed its doctoral programme according to international academic standards and awards a PhD in Finance degree which is covered by its AACSB and Equis accreditations.  

PhD PROGRAMME AT A GLANCE 

Programme rationale.

An extraordinary platform for your professional development and for finance-industry innovation.

Supporting the efficient allocation of resources over time and space, the financial industry is the lifeblood of the global economy and at the forefront of developments that are dramatically reshaping the world. This fast-paced, cosmopolitan and intellectually stimulating environment attracts some of the best and most ambitious minds in science and business.  

Advancing the frontiers of knowledge and practice in such a competitive environment requires professionals who are able to combine well-honed critical thinking, extensive field expertise and outstanding analytical and research skills to exert thought leadership and introduce radical innovation. The financial industry is at a critical juncture and the need for such professionals and innovation is particularly acute. Undergraduate degrees, professional experience and an MBA only partly develop this set of top-level skills, so if you aspire to greater intellectual heights, you should consider pursuing the foremost academic and professional qualification, the PhD.

PROGRAMME OBJECTIVES

Become an autonomous researcher and lifelong innovator.

The PhD in Finance offered by EDHEC Business School is a research-oriented programme that trains participants to serve as the architects of the financial industry. The programme is designed to prepare talented and hard-working individuals for challenges that require an integrated view of the inner workings of financial markets and institutions, a thorough understanding of financial modelling and decision-making, and an ability to independently identify, analyse and research questions in order to propose and implement creative solutions.

ONE PROGRAMME, TWO TRACKS

An executive track for high-level practitioners in full-time jobs and a residential track for high-potential graduate students.

The programme has two tracks: a residential track for young professionals who want to hold part-time teaching positions at EDHEC Business School in Nice and an executive track for high-level practitioners who wish to keep working full time. Executive track participants undertake the PhD in Finance as a critical development step en route to senior positions in the financial industry or, if they already hold such position, to steer their organisation in new directions. Residential track participants typically complete their PhD studies to gain access to an academic career in a leading research or educational institution.

The programme’s core courses and electives are offered in Europe, out of EDHEC’s campuses in London and Nice.

Admissions  

PhD experience  

Participants profile

A WELL-STRUCTURED AND RIGOROUS CURRICULUM

Follow a programme that includes core courses, electives and research workshops, and conduct research in close collaboration with our faculty.

The EDHEC PhD in Finance requires intense personal commitment and is designed to be completed in three years. Its structure includes core courses, electives, research workshops and a dissertation. Core courses provide you with sound training in financial theory and state-of-the-art analytical and research methods. Elective seminars and workshops give you exposure to the latest advances in specific fields of your choice. The dissertation allows you to work individually with programme faculty members on topics chosen for their academic and industry relevance, aligned with your research interests and professional goals.  

A RICH LEARNING ENVIRONMENT

The faculty fosters a collaborative approach to research and you will have the opportunity to interact with inspiring academics and experts.

By concentrating core courses and elective seminars in residential weeks, opening up elective seminars to PhD candidates from different cohorts, extending the online classroom for research workshops, and adapting dissertation supervision to your individual circumstances, the programme creates a rich collaborative environment for all participants and builds close working relationships between PhD candidates and faculty.  

Learn more about our participants, alumni and their publications by visiting the links below:

OUTSTANDING FACULTY

Learn from an exceptional team of international scholars from top research institutions.

The PhD programme faculty comprises world-class specialists in finance, risk and investment management, and economic and financial modelling. It combines EDHEC Business School’s senior economics and finance scholars with affiliate professors from top research institutions around the world. Faculty members have an exceptional track record of publications in and editing for the most respected scientific journals in financial economics. Their educational awards and experience in PhD candidate supervision, their prestigious appointments with leading universities worldwide and their senior-level engagement with major corporations, governments and supranational organisations speak to their outstanding reputation for excellence and expertise.

Learn more about our faculty and their publications by visiting the link below: 

Programme Faculty

A LIFE-CHANGING INVESTMENT

PhD studies have a far-reaching impact on your work and career.

The key benefits of the EDHEC PhD in Finance are its outstanding faculty, its balanced structure, its supportive research environment and its talented and diverse candidate body. These combine to create the best opportunities for you to hone your research expertise and prepare to shape the future of the financial industry.

Read alumni testimonials and explore PhD theses by visiting the links below: 

Alumni testimonials   

EXECUTIVE TRACK IN FOCUS

Since 2008, EDHEC Business School has offered a unique PhD in Finance programme to elite practitioners who aspire to higher intellectual achievement and want to reshape practices in investment banking, asset management and other crucial sectors of the financial industry.

PARTNERSHIPS

The PhD in Finance programme at EDHEC is partner of several academic conferences such as The European Conference on Household Finance - Centre for Economic Policy Research (CEPR), The Adam Smith Workshop in Asset Pricing and Corporate Finance , and The Annual Private Markets Research Conference .  

Since January 2023, EDHEC has become the first academic institution to join INQUIRE EUROPE  - Institute for Quantitative Investment Research, as a member.

EDHEC – MAKING A DIFFERENCE

Students, professors, researchers, alumni, partners and recruiters… EDHEC is a global community driven by the fundamental objective of making a positive impact on the world and for future generations by reinventing business.

Impacting future generations.

EDHEC Business School has been offering management training and development programmes since 1906. One of the leading business schools in Europe, it delivers degree courses to more than 8,500 students and trains more than 10,000 professionals annually through its executive courses and research events.

The School’s mission is to develop talent through high-quality business education, advance knowledge, impact business practices and contribute to the social and economic debate. Research conducted by its 175 permanent faculty members and its full-time researchers drives all of these activities and is at the very core of the School’s offerings.

Lean more about EDHEC Business School: Our Mindset | EDHEC Business School

Research and entrepreneurship serving a responsible economy EDHEC spends more than 20% of its resources on research, which lies at the heart of its business model.

Lean more: EDHEC Business School: Our Research & Innovation Resources .

Business and value creators benefit directly from the contribution of EDHEC’s research centres. Our research guides major institutions in their global business actions: the EDHEC-Risk Institute in the case of asset management, the EDHEC Infrastructure Institute when it comes to long-term investment and the EDHEC Augmented Law Institute for legal business management.

One of the top 10 European Business Schools, with three international accreditations.

EDHEC features in all of the honours lists and top rankings published globally each year. These benchmarking tools put EDHEC among the best business schools in France and beyond, for all of its programmes , be it undergraduate, Grande Ecole, masters or executive education. Our excellence and commitment to being No. 1 are confirmed by our continued placement in the lists of best academic institutions worldwide. The latest Financial Times ranking of Best European Business Schools cemented EDHEC Business School’s presence among the top 10 for the fourth year running. This ranking corroborates the success of EDHEC’s strategy: to embed applied research into relevant academic programmes.

EDHEC Business School was among the first institutions worldwide to be awarded three international accreditations (AACSB, EQUIS, Association of MBAs) for the academic excellence and professional relevance of its programmes, its strong links with the business community, its international orientation and its commitment to ongoing quality improvement.

A wide range of graduate programmes, taught fully through English.

EDHEC Business School offers a wide range of graduate programmes, taught fully through English, attracting students from a wide range of countries, cultures and academic and professional backgrounds. The diversity of the student body contributes to the richness of the learning environment, which is highly conducive to personal and professional development. EDHEC’s international strategy sets great store in giving students real exposure to ‘difference’, be it on our campuses, through our academic exchanges or our double degree programmes.

EDHEC Alumni share values and the School’s vision of business serving society.

EDHEC Business School graduates are lifelong members of a thriving network of more than 50,000 professionals in 127 countries and every industry. This friendly and supportive community of business leaders organises events and meetings throughout the year to facilitate an exchange of ideas and networking, while supporting students in designing their career plan and helping graduates to promote their business and career. EDHEC Alumni is also a force for the dissemination of best practices, shared values and the School’s vision of business serving the greater good.

Questions in this category relate to PhD studies more generally. More specific FAQs can be found on the executive track and admissions/funding pages.  You can also contact us by phone or email

Although rare, it is possible to apply and be admitted to our PhD in Finance programme without a master’s degree. Professional experience and advanced professional qualifications, such as the CFA Charter, would have a positive weighting on our response, along with a solid undergraduate degree and an excellent GMAT score.  

You can apply for a PhD after an MBA. Because of its strong quantitative orientation, our PhD programme requires a significant academic background in economics, finance, mathematics, econometrics and stochastic modelling (Master's level).

The EDHEC PhD in Finance is three years in duration. In the event that candidates cannot manage to complete the programme within three years, they can do so within a further two years.

Research experience is not compulsory. Providing published research papers, working in the R&D division of a company (industry research) or acting as an academic research assistant would bolster your application.

EDHEC Business School has designed its PhD programme according to international academic standards and awards a PhD in Finance degree which is covered by its AACSB and Equis accreditations. The PhD in Finance at EDHEC is an institutional degree. 

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PhD Program

Sfi phd program.

The program promotes the pursuit of academic excellence providing an intellectual environment and a curriculum comparable with the top PhD programs in Europe and North America. The PhD program operates at the four Swiss Finance Institute campuses: Léman (Ecole Polytechnique Fédérale de Lausanne, the University of Geneva, and the University of Lausanne), Lugano (Università della Svizzera italiana), St. Gallen (the University of St. Gallen), and Zurich (the University of Zurich).

• PDF SFI PhD Program Brochure PDF, 666.43 KB Download

Program Structure

The Swiss Finance Institute PhD program in finance is a centrally coordinated program operating on multiple campuses of partner universities in Geneva, Lausanne, Lugano, and Zurich.

Current Students

Get to know our current PhD students at our campuses in Léman, Lugano and Zurich. Browse by location or areas of expertise.

Information

Job market candidates.

A list of Swiss Finance Institute PhD students currently on the job market.

Meet a global community of Swiss Finance Institute graduates.

Information on how to apply specific to the campuses in Leman, Lugano and Zurich.

Admissions & Financing

The program is internationally oriented and aims at attracting the best students from Switzerland and abroad.

Frequently Asked Questions.

Swiss Finance Institute - Geneva

University of Geneva 42, Bd du Pont d`Arve CH-1211 Geneva 4

Swiss Finance Institute - Zurich

Walchestrasse 9 CH-8006 Zurich

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• PhD programs

PhD program in Finance

• Program structure
• Application & admission
• Alumni stories
• PhD content hub
• Keep me posted!

The PhD program in Finance (240 ECTS) follows the standard US format: rigorous coursework in the first two years, and independent work on research projects that will make up the doctoral dissertation in the remaining years. Teaching experience is an integral part of the PhD program in Finance, and doctoral students are strongly encouraged to do some teaching from the second year. Successful completion of teaching entitles to a fifth year in the program. Most courses are offered within the Stockholm Doctoral Course Program in Economics, Econometrics and Financ e (SDPE) , which is organized by SSE jointly with Stockholm University. In addition, the Swedish House of Finance offers specialized courses in machine learning, digital currencies or continuous-time finance. To ensure the success of our students on the job market, our program offers customized presentation workshops by an external presentation coach and faculty mentors for all students from day 1.

A dissertation from our program typically consists of several essays in one or several fields of financial economics, which are expected to be suitable for publication in international scientific journals – the main channel for communicating research results.

SSE's Department of Finance belongs to the top 5 finance departments in Europe, regularly publishing in internationally recognized finance and economics journals. You will be surrounded by faculty members who previously taught at Duke University, Harvard University, NYU as well as the University of Chicago. Our professional standing is evident through keynote speeches, the Nobel Prize Committee membership, and editor roles at leading finance journals.

A strong track record of placing our graduates in leading academic institutions around the world reflects the strengths of the program and the dedication of our faculty to support our doctoral students. During their time at SSE and other internationally renowned universities, our faculty members have advised  PhD  students with first placements at Amsterdam University, Bocconi, Carnegie-Mellon, Chicago, Columbia, Copenhagen Business School, Harvard, HEC Montreal, LBS, McGill,  Nova , Tilburg, University of Zurich as well as the Federal Reserve Board of Governors, BlackRock, or Goldman Sachs. Here is a comprehensive overview of our recent placements of SSE students in Finance .

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Our research expertise

• Sustainable Finance
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• Degree Programs

Ph.D. and MSQ in Quantitative Finance

The Ph.D. Program in Finance at GSEFM is designed to ensure that students acquire a thorough knowledge of the theory of finance, of econometric and computational methods, as well as the structure of modern financial markets, before beginning their own research under faculty supervision. In the first year of the program, students attend core courses in financial economics, econometrics, and mathematical methods. Furthermore, students attend courses in microeconomic or macroeconomic theory. At the end of the first year of studies, students must pass qualifying examinations in finance, econometrics, and microeconomics or macroeconomics. In the second year of the program students complete field courses in two to three fields of their choosing and begin to work on their own research. All students are required to have a faculty advisor by the end of their second year in the program. The role of the faculty advisor is to help the student to make the transition from coursework to research and to identify suitable dissertation topics. By the end of their third year in the program students will need to have completed their first research paper. The dissertation is completed in the fourth year of the program. The dissertation must be a major piece of research, and its chapters must have the potential for publication in an international scientific journal.

First-year students in the MSQ Program in Quantitative Finance enroll in the same set of courses as the first-year Ph.D. Program in Finance students. If completing their first year of studies with strong success, the MSQ Program in Quantitative Finance students are then eligible and strongly encouraged to join the Ph.D. Program in Finance from their second year of studies onwards. The MSQ Program in Quantitative Finance is completed with a Master thesis written in the final months of the second year of studies.

Ph.D. Program Structure

Pre-Semester: Mathematics, Statistics and Econometrics

First Semester: Advanced Econometrics 1 (8 CP), Advanced Financial Economics 1 (8CP), Advanced Macroeconomics 1 (8 CP) or Advanced Microeconomics 1 (8 CP), Mathematical Methods (8 CP)

Second Semester: Advanced Econometrics 2 (8 CP), Advanced Financial Economics 2 (8 CP), Advanced Macroeconomics 2 (8 CP) or Advanced Microeconomics 2 (8 CP), Programming Languages (4 CP)

Qualifying Examinations

First Semester: Field Courses, Workshop Attendance

Second Semester: Field Courses, Seminar, Workshop Attendance 

Fields Offered:

Development and International Economics (including Cross-Country Studies, Development Microeconomics, Economic Growth, International Trade)

Econometrics (including Bayesian Econometrics, Dynamic Panel Models, Econometrics of Duration and Transition Data, Long Memory in Time-Series, Non-Parametric Econometrics)

Finance (including Asset Pricing, Corporate Finance Theory, Empirical Banking, Household Finance, Option Pricing, Taxes and Finance)

Macroeconomics (including Consumption and Saving, Economic Growth, Family Macroeconomics, Household Finance, Monetary Theory and Policy, Monetary and Fiscal Policy, Numerical Methods in Macroeconomics)

Marketing (including Bayesian Modelling for Marketing, Customer Management and Social Media, Pricing and Online-Advertising, Structural Models and Competition)

Microeconomics and Management (including Behavioral Auction Theory, Behavioral Economics, Decision Making under Risk and Ambiguity, Economics of Taxation, Empirical Labor Economics, Empirics of Contracts, Experimental Economics, General Equilibrium Theory: History, Incentives in Organizations, Intergenerational Economics, Modeling Group Behavior Using Game Theory, Taxes and Finance)

Historical and Normative Foundations of Economics (including History of Economic Thought, Normative Foundations)

During either the third or fourth year in the program, students may spend one or two semesters abroad for a research stay at an internationally top ranked Ph.D. program. Such stays are facilitated by the faculty advisor.

First Year Courses

The details of the course offerings will differ somewhat from year to year, depending on the faculty member teaching the course in question. The following list summarizes typical first-year course contents. For more details on these courses in any given year as well as the field courses, it is best to consult the course syllabi typically retrievable on individual faculty members’ websites.

This PhD specialisation provides candidates with an in-depth and intensive training programme at the cutting edge of both theoretical and empirical research in Finance.

• Start date: August 2026

PhD specialisation in Finance

The PhD specialisation in Finance prepares candidates for careers in world leading academic institutions, research-oriented international and national organisations, and the industry. Job market candidates from the department have found employment at premier universities including London Business School, Tilburg University, University of Melbourne, NOVA University Lisbon, Norwegian School of Economics (NHH), Central University of Finance and Economics (CUFE) and National Chengchi University (NCCU). Local placements in Norway include Boston Consulting Group, Financial Supervisory Authority, and Storebrand. We encourage candidates with solid quantitative and analytical skills, and a strong background in disciplines such as Finance, Economics, Statistics, and Mathematics to apply.

The four-year study programme leading to a PhD degree is designed to allow you to conduct in-depth research. In addition, it is comprised by a course component, seminars, PhD committees, pre-doctoral defence, and lastly, dissertation and final defence. 25% of the time is reserved for teaching.

Distinguishing features of the specialisation

The four-year programme offers rigorous training for candidates with strong analytical skills and intellectual curiosity. It follows a standard structure in place at all comparable programmes around the world. The first year is devoted to course work that covers all the major fields in Finance and core topics in Economics relevant for a Finance PhD. BI faculty mainly teaches these courses. The candidates can also take specialised courses and participate in doctoral workshops through the Nordic Finance Network.

The second year of the programme sees candidates transitioning to research work that continues through to the end of the programme. Candidates will work towards the doctoral dissertation that is typically a collection of three research articles. Research work is done in close co-operation with the supervisor and other faculty members from the department. Projects joint with faculty members often involve collaborators from other research institutions. Candidates also participate in weekly research seminars with international scholars and present their research work at departmental workshops. The research environment is supportive and PhD candidates take actively part in all the social life at the department.

Meet Renata Silva de Almeida who shares her experience as a PhD candidate

Professor paul ehling discusses the advantages of being a phd candidate at bi, fully funded scholarships.

All PhD candidates receive financial support when accepted into the programme. The candidates are hired as full-time employees on an initial four-year contract. Continuation of the support through the four years of the programme is dependent on good standing and regular progress towards completing the programme’s requirements. PhD candidates are entitled to full parental leave and health insurance, and are part of the Norwegian Public Service Pension Fund. The workplace is BI Norwegian Business School at its main campus in Oslo.

What you can expect

The four-year study programme leading to a PhD degree is designed to allow you to conduct in-depth research. In addition, it is comprised of a course component, seminars, PhD committees, pre-doctoral defence, and lastly, dissertation and final defence. 25% of the time is reserved for teaching.

Entry requirements

How to apply, course plan.

Here you will find an overview of the courses included in the programme and when they are offered.

A PhD from BI can be a gateway to prestigious placements at universities around the world. Below are examples of positions obtained by recent graduates of BI's PhD programme.

Department of Finance

The Department of Finance is ranked 10th in Europe, and 2nd in the Nordic countries, based on top-finance publications 2013-2017 (U of Texas Dallas rankings). BI hosted the European Finance Association (EFA) Annual Meeting in 2016 and in 1996. The department is committed to research at the highest international level and faculty members currently represent about 20 different nationalities. Faculty come from some of the world’s best institutions such as University of Chicago, Wharton, UCLA, Ohio State University, Carnegie Mellon, University of Southern California, London Business School, and London School of Economics.

Faculty members publish their research regularly in the top Finance and Economics journals. These publications have appeared in Journal of Finance, Review of Financial Studies, Journal Financial Economics, American Economic Review, Econometrica, Journal of Political Economy, and Review of Economic Studies. The strong commitment to research has earned the department a top-10 rank in Europe based on research output in top-tier academic Finance journals.

The department runs an international weekly research seminar series in which academics from the world’s best research institutions present their work. These seminars and other visits by international researchers give PhD candidates an excellent opportunity to reflect and receive feedback on their own research. The department also regularly organises conferences and workshops.

The department has access to all the commonly used international databases. Many faculty members also work with unique Norwegian micro data on firms and individuals obtained from official registers. The department hosts the Centre for Asset Pricing Research (CAPR) and the Centre for Corporate Governance Research (CCGR). These centres sponsor and support faculty research groups, conferences, and seminars.

• Read more about the Department of Finance

Paul Ehling

Professor - Department of Finance

PhD alumna in Finance

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The Finance PhD program at HEC Paris provides students with a rigorous training in financial economics delivered in a vibrant research department. 

Our stimulating research environment allows PhD students to grow as researchers and to obtain jobs in top academic institutions at the end of the thesis.

In the past few years, graduates from the HEC Paris PhD program have been hired as Assistant Professors at London Business School (see Maxime' s research in corporate finance and asset management), Singapore Management University (see Tianhao' s research in  ESG investment, sustainable finance, and asset management),  Columbia University (see Noémie's research in government intervention and corporate behavior ),   the London School of Economics (see Huan’s research in fintech), Wharton (see Sylvain’s research in household finance), Princeton (see  Adrien's research in corporate finance), Harvard Business School (see Boris’ research in financial innovation). See the full academic placement record at the bottom of this page.

Why are HEC Paris PhD graduates so successful on the academic job market?

The first ingredient is the rigorous training. The HEC Paris finance department partners with the economics department at IP Paris to provide students with a solid training in finance + economics + econometrics.

The second ingredient is the excellence of the faculty. Finance professors at HEC Paris publish in top academic finance and economics journals and hold editorial positions in journals such as the Journal of Finance and the Review of Financial Studies.

The third ingredient is the collegiality of the HEC Paris finance group . PhD students have numerous opportunities to interact with faculty and discuss about research. Some of these opportunities happen in organized events: courses, weekly research seminar, pre-seminar workshop, weekly internal seminar, annual PhD workshop, mock job market interviews in the final year of the thesis, and so on (see below for more information on these events).

Research interactions also and perhaps mostly happen informally. If you come to the HEC Paris Finance department, you will find that doors are open and you will probably find professors and students chatting about research at the coffee machine. Students can present their research in the internal research seminar. When faculty or students want to learn about a research field, they set up a reading group inviting interested faculty and students to read papers together and discuss research ideas.

The HEC Paris Finance PhD program is relatively small compared to the size of the faculty. We usually hire two or three PhD students per year and the department has about twenty research faculty. This high faculty-to-student ratio fosters the quality of interactions between student and faculty.  Our connections in top universities around the world allow PhD students to spend  a semester or a year visiting another university.  

Main events

Weekly research seminar: Researchers from other universities present their research. See the schedule . Pre-seminar workshop: Before each research seminar, the PhD students and a different faculty each week meet for a “pre-seminar workshop” to discuss the paper presented at the seminar. It is a great opportunity for students to engage in a discussion about a different research topic every week, to learn from a faculty specialized in this field, and to generate new research ideas.

Weekly internal seminar: A faculty or a PhD student presents preliminary research ideas.

Annual PhD workshop: Every year we invite 30 PhD students from other finance PhD programs in Europe. It is a great opportunity for PhD students to meet with future researchers and colleagues and to create interactions that can generate joint research projects. During this workshop, students from HEC Paris and other schools who are close to completing their PhD present their research in front of the other students and the HEC faculty. Click here

Preparation for the job market: In the final year of the thesis, PhD students apply to academic positions in universities and business schools all over the world. The job market has three main selection stages: based on the research package and recommendation letters in November; interviews in January; seminars and campus visits in January-February. PhD students at HEC Paris are actively prepared for this process. We organize mock interviews and mock job market seminars with the HEC faculty, which allow students to practice in real-life situations.  

Selection of past placements

Our complete placement history in Finance can be found here . 

•    Markus Bak-Hansen, Bank of England , 2024 •    Maxime Bonelli, London Business School , 2023 •    Tianhao Yao, Singapore Management University , 2023 •    Pinardon-Touati Noémie, University of Columbia , 2022 •    Pekka Honkanen, Terry College of Business, University of Georgia , 2020 •    Huan Tang, London School of Economics , 2020 •    Sylvain Catherine, The Wharton School, University of Pennsylvania , 2019 •    Thorsten Martin, Bocconi University , 2018 •    Jean-David Sigaux, European Central Bank , 2017 •    Adrien Matray, Princeton University , 2016 •    Olivier Dessaint, Rotman School of Management, University of Toronto , 2015 •    Boris Vallée, Harvard Business School, 2015 •    Jean-Noël Barrot, Sloan School of Management, Massachusetts Institute of Technology , 2014  

Average starting salary: 226 000 USD

PhD Coordinator

Current students              Department website             Placement  

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UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry:  Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ' Level 2 ' (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

PhD Structure

• The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
• Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
• Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
• We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. 

All modules in the MRes year are core modules, there are no optional modules. 

• ECON0107 - Macroeconomics, 15 credits  
• ECON0106 - Microeconomics, 15 credits  
• ECON0108 - Econometrics, 15 credits  
• ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
• MSIN0234 - Topics in Financial Economics, 30 credits  
• MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.  

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.

Why choose us

What makes us different:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.

If you want to become an academic economist conducting research in finance, this programme is for you.  

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career. 

As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

Applications

Applying for our mres/phd programme.

Entry requirements and admissions criteria:

Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications. 

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.

In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests. 

Application Deadline

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:

• Official Transcripts of Grades / Course marks
• A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
• Your  GRE  score report, if you took the test.
• Your IELTS/TOEFL score report, if English is not your first language.

Funding/Scholarships

We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.  Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy. 

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

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Frequently Asked Questions about the UCL School of Management MRes/PhD Programme

Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )

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PhD Program

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The PhD program in Finance

The aim of our PhD program is to produce PhD candidates at a high international level. In addition to learning how to conduct research at an international level, students will acquire a broad theoretical and methodological insight into the discipline of finance.

Next deadline: February 29, 2024. Link to the job announcement .  Information Meeting: February 6 at 15.30 in SPs03. Register here .  See a video of Theis Ingerslev Jensen, a recent PhD graduate at the Department of Finance , about his research and his placement at Yale University. 

See a video of PhD graduate, Niels Joachim Gormsen , where he explains about his research and his placement at the University of Chicago.

You can find further details about the program and application procedure below.

Ph.D. in Finance, fully funded

In cooperation with the graduate school of economics, finance, and management (gsefm).

The GSEFM offers a quantitative and research-oriented education featuring the structures of premier anglo-saxon graduate programs. Together with SAFE, it provides an environment where students can benefit from a unique research group in Finance spanning a wide range of topics as well as from the location in Frankfurt, the primary center for financial markets and central banking in continental Europe. The program does not charge tuition fees.

The GSEFM Ph.D. Program in Finance consists of two years of doctoral coursework with a qualifying examination at the end of the first year. Core courses in financial economics, econometrics, and mathematical methods (first year) and two to three elective courses (second year) ensure that students acquire a thorough knowledge of the theory of Finance before beginning their own research.

The Leibniz Institute for Financial Research SAFE, based at the same premises at Goethe University’s House of Finance, offers funding for the entire program to excellent applicants for the Ph.D. Program in Finance as well as to those for the Program in Economics who pursue financial economics as one field in their studies. Funding includes a scholarship of monthly €1,300 in the first program year and, conditional on passing the preliminary exams, an ensuing work contract as research assistant with sufficient time allocation to work on the thesis.

SAFE – short for Sustainable Architecture for Finance in Europe – is dedicated to interdisciplinary research on the financial markets and their players in Europe as well as to research-based, independent policy advice. It is committed to contributing to a sustainable and resilient financial system that promotes innovation and serves the needs of the economy and the society.

The GSEFM education combined with research work at SAFE offers exceptional global career opportunities in academia, international organizations, or financial regulation. ( List of recent placements )

SAFE aims to increase the proportion of female scholars among its research staff and will therefore give preference to female applicants in case of equal qualification.

Interested? Please visit the GSEFM website for more information on the Ph.D. in Finance and admission requirements . Please follow the instructions on the GSEFM website on how to apply and make sure you choose SAFE as first preference under the header "Application for Financial Aid" in the application form.

Do not send applications directly to SAFE. Only applications submitted via the GSEFM/Goethe University admission portal will be considered in the application process.

Download the fact sheet PhD in Finance/Economics, fully funded by SAFE

Contact for questions

Prof. Loriana Pelizzon, Ph.D.

Deputy scientific director, director research department "financial markets".

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Best Universities for Finance in Europe

Updated: February 29, 2024

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Below is a list of best universities in Europe ranked based on their research performance in Finance. A graph of 23.7M citations received by 1.32M academic papers made by 1,190 universities in Europe was used to calculate publications' ratings, which then were adjusted for release dates and added to final scores.

We don't distinguish between undergraduate and graduate programs nor do we adjust for current majors offered. You can find information about granted degrees on a university page but always double-check with the university website.

1. University of Oxford

For Finance

2. University of Cambridge

3. London School of Economics and Political Science

4. University College London

5. University of Amsterdam

6. Erasmus University Rotterdam

7. University of Manchester

8. Catholic University of Leuven

9. University of Warwick

10. Imperial College London

11. Swiss Federal Institute of Technology Zurich

12. Tilburg University

13. University of Nottingham

14. London Business School

15. University of Groningen

16. University of Edinburgh

17. University of Zurich

18. Goethe University of Frankfurt am Main

19. Aarhus University

20. Delft University of Technology

21. University of Southampton

22. Utrecht University

23. University of Leeds

24. Bocconi University

25. Stockholm University

26. University of Birmingham

27. University of Bologna

28. University of Sheffield

29. Copenhagen Business School

30. King's College London

31. Durham University

32. Lund University

33. Free University Amsterdam

34. University of Copenhagen

35. University of Sussex

36. University of Reading

37. University of Bristol

38. Sapienza University of Rome

39. Lancaster University

40. Technical University of Munich

41. Federal Institute of Technology Lausanne

42. University of Glasgow

43. Ghent University

44. Maastricht University

45. University of Bonn

46. University of Vienna

47. University of Strathclyde

48. University of Padua

49. Pierre and Marie Curie University

50. City, University of London

51. Stockholm School of Economics

52. Cardiff University

53. University of St. Gallen

54. Leiden University

55. Uppsala University

56. Polytechnic University of Milan

57. University of York

58. Newcastle University

59. University of Lisbon

60. Catholic University of Louvain

61. University College Dublin

62. University of Exeter

63. University of Munich

64. University of Hamburg

65. University of Oslo

66. Wageningen University

67. Moscow State University

68. University of Leicester

69. University of East Anglia

70. University of Helsinki

71. Queen Mary University of London

72. RWTH Aachen University

73. University of Bath

74. Loughborough University

75. Norwegian University of Science and Technology

76. University of Mannheim

77. KTH Royal Institute of Technology

78. University of Essex

79. Karlsruhe Institute of Technology

80. Autonomous University of Barcelona

81. University of Liverpool

82. University of Valencia

83. Free University of Brussels

84. University of Cologne

85. Free University of Berlin

86. Eindhoven University of Technology

87. University of London

88. Pompeu Fabra University

89. Humboldt University of Berlin

90. Carlos III University, Madrid

91. Vienna University of Economics and Business

92. University of Twente

93. University of Antwerp

94. University of Gothenburg

95. Radboud University

96. Brunel University London

97. Heidelberg University - Germany

98. Athens University of Economics and Business

99. University of Milan

100. Trinity College Dublin, University of Dublin

Economics subfields in Europe

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Finance Concentration

This concentration is one of the three concentrations offered in the Frankfurt School's Doctoral Programme.

We conduct scientific research projects, aiming at publishing them in top journals in the fields of asset pricing, corporate finance and financial intermediation. Frequently, these projects are pursued jointly with representatives of our stakeholders from the industry, the public and governments and actively involve our doctoral students.

The prerequisite for a successful participation in research projects is a thorough training in theoretical and empirical topics in the fields of asset pricing, corporate finance and financial intermediation. Currently, the finance concentration consists of core courses and electives taught by resident staff.

Internationally renowned guest professors in their respective fields of expertise complement the curriculum. Students who pursue a Doctoral in Finance at Frankfurt School have to complete the electives in addition to the required core courses.

Finance Seminars

Mathematics & Statistics

Calculus of Several Variables Functions of Several Variables Implicit Functions and Their Derivatives Quadratic Forms and Definite Matrices Unconstrained Optimization Constrained Optimization Concave and Quasiconcave Functions Economic Applications Eigenvalues and Eigenvectors Advanced Linear Algebra Advanced Analysis Basic Probability and Statistics

Econometrics I

The course introduces some of the most widely used quantitative models in the fields of economics, finance and management. It has a clear focus on applying the methods while not shying off on formal treatments. In particular, the course covers:

Statistical Concepts and Distributions

Asymptotic Limits and Estimators

Linear Models and Estimation

Instrumental Variables Estimation

Generalized Method of Moments

Microeconomics

1. Demand Theory 2. Expected Utility Theory 3. General Equilibrium Theory 4. Non-Cooperative Game Theory a) Dominant strategies and applications b) Nash Equilibrium and applications c) Subgame Perfect Equilibrium and applications 5. Principal-Agent Theory 6. The Theory of Incomplete Contracts

Asset Pricing Theory

The course is an in-depth introduction to the modern theory of asset pricing and portfolio choice. Its main focus is on the relationship between arbitrage and equilibrium, and how both conditions imply the existence of "state prices," positive discount factors such that the price of any security is simply its discounted expected payoff. The first part of the course examines static economies while the second extends into a multi-period framework. Both parts are restricted to discrete time and symmetric and complete information.

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help you identify the appropriate courses.

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate and in some cases improve, prior empirical studies. Censored regression functions

Tobit regression

Estimators and sample selection bias

Median and qunatile regressons

Covariance matrices

Causal effects

Nonparametric regressions and intsrumental variables

Non-parametric regressions

Kernel regressions

Time series analysis

Unit root testig Integrated proecesses

Cointegration Introduction to machine learning

Game Theory

The course combines theoretical developments of game theoretic concepts with applications of these concepts to questions in economics, finance and management. The course starts with simple games and shows the solution concepts for these games (and potentially the problems of the concepts). It then gradually enriches the games and the respective solution concepts. For each class of games, several examples will be provided how to apply the material learned in the course, always with an eye on how students can apply these concepts in their own research. Finally, students will present recent of fundamental research papers that use and apply these concepts, thereby pointing out the usefulness (but also the potential problems) of these concepts in research in different fields

Causal Inference

The course is structured in three parts (not necessarily chronological):

Part 1: Empirical methodologies (focus on regression discontinuity, difference-in-difference estimators, synthetic control estimators)

Part 2: Discussion of recent empirical papers with a focus on financial intermediation, corporate finance, and possibly with a link to accounting

Part 3: Development of own research ideas

Corporate Finance

The module introduces concise moral hazard and adverse selection models that allow analyzing major topics in corporate finance including among others firms’ debt capacity, the optimal capital structure, corporate risk and liquidity management. The module then discusses the role of banks in mitigating moral hazard and advserse selection in corporate finance, before moving on with a more general analysis of the role of banks in the financial system.

Empirical Asset Pricing

The objective of the course is twofold:

1) to familiarize students with the field of empirical asset pricing, i.e., to provide exposure to the seminal papers as well as the most important recent contributions; and

2) to teach students how to conduct, interpret and present empirical research. Accordingly, we will encounter a broad set of methodologies and datasets.

Accounting Information and Capital Markets

This module provides an introduction to the key areas of financial accounting research. It covers topics such as value relevance of accounting information, accounting-based valuation, earnings management, contracting and accounting, disclosure, text-as-data in accounting, information intermediaries, real effects in accounting, corporate governance, financial reporting regulation, political ecomony of accounting etc.

Advanced Topics in Finance

1) Advanced Topics in Information Acquisition and Processing 2) Regression-Based Estimation of Asset Pricing Models 3) Advanced Topics in Financial Intermediation 4) Advanced Topics in Over-The-Counter Markets 5) Advanced Topics in Political Economy in Finance 6) Advanced Topics in Household Finance

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the program office help you identify the appropriate courses.

PhD Brownbag

The workshop provides a forum for presenting ongoing and completed research projects by Ph.D. students. Students learn to present their own academic research for a mixed audience. They will gain skills in presenting, preparing compelling slides, interacting with the audience, taking feedback, and time management. Given the turnover of topics over time, students are required to enrol in the course every time it is offered.

Master's Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2 nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

Why do managers so often underestimate the risk of their strategic decisions? Management professor Stevo Pavicevic tries to answer this question in his work:

"Making decisions is at the heart of professional lives of managers. Despite managers' best efforts, their decisions are often hopelessly erroneous. Here at Frankfurt School of Finance and Management, we investigate why managers make poor strategic decisions, and more importantly, how firms can build safeguards into the decision-making process to reduce the risk of flawed decisions."

Decision making is also important in marketing professor Tetyana Kosyakova’s projects, but her focus is on consumers rather than managers:

"My research is mainly in the area of choice and Bayesian modelling. Currently, I am working on a series of projects, which focus on developing the methodology for estimating consumer preferences based on consumer choice (or purchase) data, when consumers are making choice decisions given a large choice set.

A typical purchase decision from a large choice set could be a consumer picking a yoghurt in a supermarket, given a large yoghurt assortment on a dairy shelf or a consumer configuring a laptop given multiple options for processor, memory and other technical features. Traditional models do not scale to large choice sets or large product assortments due to the difficulty of likelihood evaluation. My work is aimed at contributing to this research area."

Dr. rer. pol. students at Frankfurt School often work closely together with the faculty on (larger) research projects. Digitalization and its corporate impact is at the core of the project of accounting professor Matthias Mahlendorf :

"In a joint project with Dr. rer. pol. and students and international coauthors, we are currently investigating how senior managers develop their expectations about their company's future performance.

This is important, because many firms are currently investing in new approaches such as Google's "Objectives and Key Results", OKR as well as in predictive analytics. These tools have the potential to solve some challenges that firms have struggled with for decades, such as slack building in performance goals and biased forecasts. However, we need solid research to distinguish between hype and actual improvements."

Research at Frankfurt School often centres on big problems in society, including climate change and wealth inequality. Take, for example the work of finance professor Yigitcan Karabulut :

"My current research interest lies in household finance, with a particular emphasis on studying the factors that contribute to household wealth dynamics and their implications for the evolution of wealth inequality. In other words, I examine why some families are poor and some are wealthy and how this changes over time. Lately, I am working mostly to understand the impact of robots on differences in wealth."

After a lot of hard work, the tangible output of research is a publication in a scientific journal. We asked Professor Sascha Steffen about the paper that is closest to his heart:

"Even though it is not my best published paper, I am very happy about my paper on the "dash for cash" of firms during the current COVID crisis. It was not only the first paper that scrutinized this but also unearthed some subtle drivers of corporate cash holdings.

First, cash does not seem to be just "negative debt" (or a waste of resources that some literature seems to suggest) but there is an economic rationale for holding cash. Second, credit risk matters for cash holdings (which has been somewhat neglected in the literature); it is not only default risk, though, but there is a "cliff risk" for firms to become downgraded to non-investment grade which significantly affects cash holdings."

Finance Faculty

Affiliated faculty, student funding and scholarships.

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. target group and admission requirements.

Outstanding graduates of a Bachelor‘s or Master’s programme in business administration, finance, management, accounting or related fields who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September and 15 January.

Required Documents

• CV and list of publications (if existent)
• Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
• Certified copy of your University Degree Certificate or equivalent and academic transcript of records
• Official GMAT or GRE results
• Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
• Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with faculty? Is the research of any member of the FS faculty of interest to you?
• Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.

Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: http://apply.interfolio.com/79802

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to an online interview with faculty members of the chosen concentration.

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctoral Proceedings. It is based on the applicants' overall portfolio and the interview. The results will be communicated after the final decision.

Isabeau Köhncke Recruitment Officer

Lianna Mirzoyan Recruitment & Admissions Manager

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• Masters in Management
• European Business Schools

European Business School Rankings 2023

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Table notes

# Figure in brackets refers to data from a separate joint programme for schools with more than one degree that was ranked or placed outside the final table. 

† For Masters in Management, salary increase in the three years from completion to now. For MBA/EMBA, the average difference in alumni salary is between before the degree and now, three years after completion. 

‡ Faculty data are provided for information — taken from the most recent survey for a published ranking that the school took part in, which is the MBA, EMBA or Masters in Management 2023. 

* School was ranked outside the final table in 2023 for MBA, Executive Education, EMBA or Masters in Management. 

** School participated in this ranking on the basis of a joint programme. Underlying score based on proportion of total score.

Some 160 points separate the top programme, at the HEC Paris, from the school ranked 90. The schools are divided into four tiers. Business schools in tiers l and ll score above the average for the cohort, and tiers lll and lV are below it. The difference in scores between schools ranked consecutively is greater within tiers l and lV than in tiers ll and lll. Tier l includes 9 schools from HEC Paris to Essec Business School. Tier ll includes schools from EMLyon Business School, ranked 10th, to Tias Business School in 38th position. Tier lll, headed by BI Norwegian Business School spans schools ranked 39 to 77. Tier lV includes schools from University of Amsterdam in 78th place to DCU Business School at 90.

Further reading

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Masters in management are readying aspiring female entrepreneurs to overcome barriers and biases

How America’s billionaire alumni weaponise elite university donations

Clashes over Gaza have turned a spotlight onto governance at institutions such as Harvard and Columbia

The future of the AI-enhanced classroom

New technology is poised to change the way students are taught and learn

Spanish business school to start awarding US degrees

IE gains licence to offer a masters in business sustainability in New York

Explore more

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Graduate Campus

The promotion of junior researchers in all facets is at the core of the Graduate Campus (GRC)'s work. The GRC provides doctoral candidates and postdoctoral researchers at UZH with information and educational offers from one source. A variety of course and event formats provide opportunities to further develop the own academic skills and competencies, deal with central topics and get to know other young researchers.

• PhD Study in Europe

Europe's historic and world-renowned universities have always been home to leading scientists, artists and thinkers. If you're thinking of doing a PhD in Europe, you'll be welcome to follow in their footsteps.

Modern international students often pay surprisingly low fees and study within generously funded higher education systems, with ground-breaking research opportunities supported by generous funding from the European Union and other organisations.

The diversity of opportunities in Europe is matched by a robust system of qualification recognition and credit transfer, meaning that your degree will be internationally recognised and accepted. A PhD from Europe often also includes a range of additional training and development opportunities (this, after all, is the continent that invented the modern doctoral degree).

The guides below introduce different options for studying PhD in Europe. You can also learn more about the European Higher Education Area , ECTS credits , PhD fees and visa requirements .

Holland and the Netherlands are a welcoming destination for international PhD study with historic and globally-renowned research universities. Our guide covers admissions, visas, fees and funding.

Looking to study a PhD in Norway? Our guide explains entry requirements, visas, funding (it’s free to study) and more.

This guide tells you all about everything you need to apply for a PhD programme in Germany.

There are no fees for PhD study at most German universities and funding is available from a range of government agencies, research societies and other organisations.

Want to study a PhD in Ireland? This guide gives a detailed introduction to the kind of visa you need to study in Ireland and how to apply for it.

What's it like to live in Germany during a PhD? Our guide covers accommodation, student living costs, working and other key information.

PhD study within the European Higher Education Area

The European Higher Education Area (EHEA) is a network of 49 countries that share a common system for university degrees. It is made up of all 27 EU members, plus the UK, as well as other countries from elsewhere in Europe and Eurasia.

All EHEA members follow the Bologna Process, an agreement signed in 1999 at the University of Bologna (Europe’s oldest university). This organises academic degrees intro three cycles :

• Bachelors degrees are first-cycle degrees, usually taking three years
• Masters degrees are second-cycle degrees, usually taking two years
• Doctorates (such as PhDs) are third-cycle degrees, usually taking three to four years

Academic degrees from one EHEA country are automatically recognised in others. This makes it a lot simpler to study abroad in different parts of Europe or to work in another European country with your doctorate.

What does the Bologna Process mean for PhDs?

Doctorates are a relatively recent addition to the Bologna Process and fit more loosely within its guidelines. For example, there is still no standard length or credit value for a PhD in Europe and individual programmes may include additional training or other elements in addition to your research project.

However, studying within the EHEA does offer several important benefits for PhD students :

• The Bologna Process can simplify your entrance qualifications . If you have a Masters from one country it should be easily recognised by universities elsewhere in Europe.
• You will also receive a doctoral degree recognised across the EHEA . This means you can take advantage of unique research and training opportunities in one part of Europe and then easily use your expertise to follow up your research interests and seek academic jobs at other European universities and research centres.
• Some PhDs in Europe award ECTS credits for modules and classes . This allows you to receive extra recognition for training you complete alongside your thesis. You can read more about ECTS credits below.
• The Bologna Process asks that doctoral candidates are treated as early career researchers as well as students. This can increase the support you receive to develop professionally during a PhD as well as offering additional employment opportunities at your university.
• Universities are expected to help all students access doctoral education and to help develop funding opportunities for them, including industry partnerships and / or employment opportunities.
• Student mobility and exchange programmes are also encouraged, with opportunities for you to spend time in other parts of Europe during your PhD if this will benefit your research.

EHEA countries:

The following countries are members of the European Higher Education Area:

Albania, Andorra, Armenia, Austria , Azerbaijan, Belgium , Belarus, Bosnia, Bulgaria, Croatia, Cyprus, the Czech Republic , Denmark , Estonia , Finland , France , Georgia, Germany , Greece , Hungary , Iceland , Ireland , Italy , Kazakhstan, Latvia, Liechtenstein, Lithuania, Luxembourg, the Former Yugoslav Republic of Macedonia, Malta, Moldova, Montenegro, the Netherlands , Poland , Portugal , Romania , Russia, San Marino, Serbia, Slovakia, Slovenia, Spain , Sweden , Switzerland , Turkey , Ukraine, the United Kingdom and the Vatican City (Holy See).

What is the European Research Area?

The European Research Area (ERA) was formed after the European Higher Education Area to help coordinate research activities across the EU and other associated countries. ERA members benefit from substantial framework funding programmes such as Horizon Europe , which can help create opportunities for PhD training.

ECTS credits for PhD study in Europe

Most degree programmes in Europe are measured using the European Credit Transfer and Accumulation Scheme (ECTS). This is one of the reasons that degrees can be recognised across the EHEA as all qualifications at the same cycle are ‘worth’ the same number of credits.

• Bachelors degrees are normally worth 180 ECTS credits
• Masters degrees are normally worth 120 ECTS credits

Each credit represents a certain amount of learning hours for a course, with a year of study usually being worth 60 credits. The independent research that makes up a PhD is harder to measure using this system. This means that doctoral degrees don’t usually have a total ECTS credit value .

However, ECTS credits are sometimes used to measure training units and modules as part of more structured PhDs . Some of these courses have a minimum credit requirement that students must meet before they begin working on their thesis. This number is usually quite small (around 20-30 credits, or half a year’s worth of work).

Qualification recognition

The Bologna Process ensures that degrees are easily recognised by universities and employers elsewhere in Europe. This is useful if you have a European Masters degree and are applying for a PhD in a different EHEA country.

The EHEA can also help you receive recognition for international qualifications from universities outside Europe.

Each country in the European Higher Education Area has its own National Academic Recognition Information Centres (NARIC) and these are part of the European Network of Information Centres in the European Region (ENIC). Together, these form part of a network known as ENIC-NARIC , which can help assess your foreign qualifications and confirm that they meet the entry requirements for a PhD in Europe.

Your university may ask this network to help check your Bachelors or Masters degrees, or you may be able to use ENIC-NARIC yourself to ask about your qualifications.

Bear in mind though that the final decision to admit you to a PhD is always made by your university, not ENIC-NARIC.

PhD fees and funding in Europe

Each country in Europe is free to set their own fees for doctorates and other degrees. However, EU member countries must charge the same fees to citizens of other EU countries as they do to their own students.

EU members:

The following countries are part of the European Union:

Austria , Belgium , Bulgaria, Croatia, Cyprus, the Czech Republic , Denmark , Estonia, Finland , France , Germany , Greece , Hungary , Ireland , Italy , Latvia, Lithuania, Luxembourg, Malta, the Netherlands , Norway , Poland , Portugal , Romania, Slovakia, Slovenia, Spain and Sweden .

Fee guarantees often also apply to students from European Economic Area (EEA) countries (Iceland, Liechtenstein and Norway ) as well as Switzerland .

Other international students may pay more to study in Europe, but this isn’t always the case. Some countries actually charge no fees to any PhD students, regardless of nationality. You can find out more in the individual guides above.

Eligibility for PhD funding in Europe is usually the same as your fee status. If you pay the same fees as a local student, you will normally be able to access the same funding (such as student loans or other bursaries). It’s always worth checking this, however.

PhD students in Europe also have the potential to benefit from wider funding schemes such as Erasmus+ or MSCA scholarships . These are usually focussed on student mobility and research collaboration between universities in different countries.

Visas for PhD study in Europe

Whether you’ll need a visa for a doctorate in Europe will usually depend on two things: your nationality and whether the country you wish to study in is a member of the European Union.

EU students don’t need a visa to enter other EU countries. You can do so freely for up to 90 days. During this time you will need to register your presence and receive a residence permit which will entitle you to live in the country longer term and complete your PhD. The exact name and application process for your residence permit will be set by the country you study in. These conditions usually apply to EEA and Swiss students too.

Other international students will normally need to apply for a visa to enter a European country as a student. Once there you’ll also need to apply for a residence permit .

Additional exceptions may also apply in some countries. Check our guides, or contact your university’s international office if you aren’t sure about your visa requirements.

Schengen visas

The Schengen Area is a borderless region within the EU. It allows completely free movement between neighbouring countries, with no need for additional visas or passport checks.

EU students automatically have the right to travel across the Schengen Area and remain in another EU country for up to 90 days.

International students will need to apply for a separate Schengen Visa in order to do so. This could be useful if you wish to travel elsewhere in Europe for research or leisure whilst you are completing your PhD. Note that in most cases the visa that lets you enter the country you are studying in will not automatically provide you with a Schengen Visa.

You can find out more on the European Commission's Schengen Visa website .

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Mba in europe: what salary could you land.

Bocconi MBA grads earn almost double the cost of their MBA within three years © INSEAD - Facebook

Pursuing a business school degree is a significant financial investment, but the MBA ROI can be substantial—find out what salary could earn after an MBA in Europe

Tue Aug 27 2024

Home to three of the top five MBA programs in the world according to the Financial Times, high quality business schools in Europe offer a more competitive price point than many top US business schools.

But what kind of salary can you expect after earning your MBA in Europe?

To help you plan your next steps, we’ve researched the schools and industries in Europe that offer the highest earning potential for MBA graduates.

Top business schools in Europe for high-earning potential

Here are the top business schools in Europe for earning potential, based on the Financial Times MBA ranking.

1. Bocconi University, Italy

Average salary within three years:  $202,534

Global ranking: 3 (tied)

Graduates from Bocconi’s MBA program, located in Milan, earn an average salary of $202,534 within three years of graduation—almost double the total cost of the MBA , which comes to $112,566 including living costs and healthcare.

Financial services (16%) and consulting (14%) are the most popular paths for the class of 2023, though many also enter consumer products (13%) and the fashion, design, and luxury industries (10%)—key sectors in Milan’s economy.

Bocconi also leads in sustainability, topping the carbon footprint ranking among other top MBA programs globally.

2. INSEAD, France and Singapore

Average salary within three years:  $198,904

Global ranking: 2

With campuses in France and Singapore, INSEAD is renowned for its international student body, comprising 75 different nationalities in a cohort of 875.

Consulting remains a dominant career path for MBA grads. In the class of 2023, 61% of grads secured roles in this sector, with more than 270 landing positions in Big Three consulting firms —McKinsey and Company, Boston Consulting Group, and Bain and Company. 

For grads seeking entrepreneurial ventures, INSEAD ranks as the best MBA program in Europe for entrepreneurs . Over the past 10 years, graduates have started 739 companies and amassed a collective $23 billion in capital.

Read our  INSEAD MBA Jobs and Salary Review

3. London Business School, UK

Average salary within three years:  $192,331

Global ranking:  8

Situated in the heart of one of the world’s leading financial centers, London Business School offers close access to top employers in finance and consulting. 

It’s no surprise then that in the class of 2023, comprised of 90% international students, more than half (55%) have chosen to start their post-MBA careers in the UK.

Consulting is the most popular career path for MBA grads, with 45% entering the field. Another 26% have pursued careers in financial services, while 21% moved into technology, with Amazon as the leading employer. 

Read more about the  London Business School MBA Class of 2025

4. IESE Business School, Spain

Average salary within three years:  $186,339

Global ranking: 5

At IESE Business School, the option to complete a bilingual MBA in Barcelona means that graduates emerge with professional fluency in both English and Spanish.

More than half of the graduates chose to remain in Europe, with 25% staying in Spain and an additional 26% securing positions elsewhere on the continent.

Nearly half (49%) of recent grads entering consulting, while 21% moved into finance, and 16% taking on corporate management roles.

5. Esade Business School, Spain

Average salary within three years:  $182,414

Global ranking: 17

Also located in the vibrant city of Barcelona, Esade Business School offers a flexible MBA program that can be completed in 12, 15, or 18 months, depending on whether you choose to complete an internship and exchange program. 

Esade is one of Europe’s leading MBA programs for entrepreneurs, with 128 graduates having founded companies that have collectively generated $1.9 billion.

Download the free BusinessBecause Cost of MBA Report 2024

Understanding salaries in europe.

While average salaries for MBA graduates in Europe can be higher in certain countries, they vary significantly depending on the country, industry, and cost of living.

For instance, MBA graduates in London may command higher salaries in finance and consulting than their counterparts in other European cities, but the higher cost of living and taxation in the UK may offset some of these earnings.

In contrast, cities such as Barcelona offer a lower cost of living, making the MBA ROI for graduates from IESE and Esade even more attractive.

Top industries for MBA graduates in Europe

1. consulting.

Consulting remains a top choice for MBA graduates, offering high salaries and the opportunity to work on challenging projects across various industries. 

Copenhagen Business School stands out as the top European business school for earning potential in consulting, according to Bloomberg , with recent grads taking home median salaries of $141,328.

MBA graduates from INSEAD earn median salaries of $133,749, followed closely by London Business School at $130,649.

Finance is another strong sector for MBA graduates, with opportunities in investment banking, private equity, and investment management.

Bocconi ranks as the top European school for earning potential in finance, with recent graduates earning median salaries of $153,739. Swiss schools IMD and St.Gallen follow with median salaries of $150,881 and $139,503, respectively.

3. Technology

Europe’s tech industry has been on an upward trajectory in the last decade , and the sector is nothing short of desirable for MBA graduates. 

Once again, Bocconi is the leading institution for MBA graduates entering the field, with grads earning a median salary of around $123,504. Grads from Mannheim Business School landed salaries of $116,527, while IE graduates went on to earn around $115,930.

4. Consumer 

The consumer industry is another lucrative sector for MBA grads, with PepsiCo topping the list as the best and largest consumer goods company to work for.

Bocconi grads in this sector are the highest-earners in Europe and second globally, taking home median salaries of $154,139. IE follows closely at $153,280, while INSEAD graduates earn around $115,096.

5. Manufacturing 

In the manufacturing sector, opportunities lie in areas such as supply chain and logistics management, and product management.

Graduates from IE Business School take home the highest salaries in Europe, earning around $126,277, followed by IMD and INSEAD, earning $119,381 and $119,270 respectively.

Earning an MBA from a top European business school can be a game-changer, opening doors to high-paying careers and global networks. Whether you’re aiming for a high-flying role in finance, or growing your network as a consultant, an MBA in Europe can give you the education and connections you need to succeed.

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Is An MBA Worth It?

• Academic Positions
• Posted on: 2 September 2023

PHD IN FINANCE

Job information, offer description.

The Department of Finance at BI Norwegian Business School is inviting applications for doctoral scholarships, start date August 2024.

Department of Finance

The department is committed to research at the highest international level. There are currently over 30 faculty members and they represent about 20 nationalities. Faculty come from some of the world’s best institutions such as Brown University, Carnegie Mellon, Copenhagen Business School, London Business School, London School of Economics, Ohio State University, Swiss Finance Institute, Tilburg University, University of Chicago, UCLA, University of Southern California, and University of Texas at Austin.

Faculty members publish their research regularly in the top Finance and Economics journals. These publications have appeared in Journal of Finance, Review of Financial Studies, Journal Financial Economics, American Economic Review, Econometrica, Journal of Political Economy, and Review of Economic Studies. The strong commitment to research has earned the department a top-10 rank in Europe based on research output in top-tier academic Finance journals.

The department runs an international weekly research seminar series in which academics from the world’s best research institutions present their work. These seminars and other visits by international researchers give PhD candidates an excellent opportunity to reflect and receive feedback on their own research. The department also regularly organizes conferences and workshops.

The department has access to all the commonly used international databases. Many faculty members also work with unique Norwegian micro data on firms and individuals obtained from official registers. The department hosts the Centre for Asset Pricing Research (CAPR) and the Centre for Corporate Governance Research (CCGR). These centers sponsor and support faculty research groups, conferences, and seminars.

PhD specialization in Finance

The PhD specialization in Finance prepares candidates for careers in the world’s leading academic institutions, research-oriented international and national organizations, and the industry. Job market candidates from the department have found employment at premier universities, including London Business School, Tilburg University, University of Melbourne, and NOVA University Lisbon. Local placements in Norway include the Norwegian School of Economics, Financial Supervisory Authority, Boston Consulting Group, and Storebrand.

The four-year program offers rigorous training for candidates with strong analytical skills and intellectual curiosity. It follows a standard structure in place at all comparable programs around the world. The first year is devoted to course work that covers all the major fields in Finance and core topics in Economics relevant for a Finance PhD. These courses are mainly taught by BI faculty. The candidates can also take specialized courses and participate in doctoral workshops through the Nordic Finance Network.

The second year of the program sees candidates transitioning to research work. The candidates will work towards the doctoral dissertation that is typically a collection of three research articles.

Research work is done in close co-operation with the supervisor and other faculty members from the department. Projects joint with faculty members often involve collaborators from other research institutions. Candidates also participate in weekly research seminars with international scholars and present their research work at departmental workshops. The research environment is supportive and PhD candidates take actively part in all the social life at the department.

Additional information, including detailed course plans, may be found here

Funding 

The four-year scholarship is set according to the Norwegian State Salary Scale and currently pays NOK 540.300,- annually. The position is linked to The Norwegian Public Service Pension Fund (Statens Pensjonskasse). The scholarship involves 25% teaching obligation.

Application timeline and submission rules 

The application and its attached documents can be submitted only electronically by using the "Send Application" button on the right hand side in this announcement. E-mail or hard copy applications will not be accepted. Kindly note that all documents need to have reached the Doctoral Administration by the deadline stated in this announcement in order to be considered. The only exception to this rule are candidates who are completing their Master’s degree in 2024 and do not have a final certificate when applying. You will not be able to revise your application once it has been submitted.

Application requirements 

We encourage applications from candidates who have solid quantitative skills and a strong background in disciplines such as Finance, Economics, Statistics, and Mathematics. Strong communication and analytical skills are also crucial for successful completion of the program. If applicants are otherwise equally qualified, female applicants will be given preference.

We welcome research interests, theoretical or empirical, in all areas of Finance. These include, but are not limited to, asset pricing, corporate finance, behavioral finance, household finance, corporate governance, asset management, banking and financial institutions, and market microstructure.

The following list details the formal application requirements:

 A. Academic record

Eligible applicants must have completed a Master of Science degree with thesis work, a Research Masters/M.Phil degree, or a comparable degree relevant for the specialisation in Finance by the time the program starts in early autumn of 2024, with a grade point average of B or higher. An MBA degree does not fulfill the requirements for admission.

B. GRE / GMAT 

Applicants who hold a Master’s degree from an institution in an EU/EEA country are strongly encouraged to take either the GMAT or the GRE test. Applicants whose Master’s degree is not from an institution in an EU/EEA country are required to take either the GMAT or the GRE test.

We will need percentile scores and raw scores for the Verbal, Quantitative and Analytical Writing sections of the GRE or GMAT to consider your application. Incomplete sections or partial scores are not sufficient to consider your application. A “good score” is generally considered to be 85% and higher. However, there is no minimum cutoff score for the GRE/GMAT in order for your file to be reviewed.

C. TOEFL / IELTS 

Applicants must take either TOEFL or IELTS. The minimum standards for test scores acceptable for admission are:

• TOEFL – a total score of 575 points for the written test or 233 for the computer-based version or 90 points on the internet based test
• IELTS – a score of 6.5

Exemptions are made for applicants:

• whose native language is English
• who have two years or more of higher education where the language of instruction was English
• from a country which is a member of the EU/EEA and/or the Council of Europe/UNESCO- Cepes, who have English as the first foreign language taken over a period of at least 7 years in primary school, secondary school and upper secondary education.

Under certain circumstances, applicants may request a waiver for the TOEFL or IELTS when applying for admission. To request a TOEFL/IELTS waiver, the applicant must submit a waiver form.

TOEFL / IETLS scores must be from within the last two years. The codes for BI Norwegian Business School are as follows: GMAT 0529, TOEFL 0529, GRE 7365. For IELTS we accept copies as long as the TRF number is visible.

D. Materials to be uploaded in the electronic application

You are required to upload the following electronically with your application:

CV, recommendation letters, statement of purpose, and selected academic work

• Full CV / resume. In addition to the usual items, this should include a complete list of all research work, including publications (if any), thesis work, and other documented relevant research activities.
• Letters of recommendations from people who can assess your suitability for doctoral studies. These people would ideally by academics who have taught you, supervised your research work, or have other relevant information about your potential as a researcher. If such people are not available, non-academic professional people can also provide a letter with an emphasis on your research potential. A minimum of two letters is required. Please arrange with the people submitting recommendation letters to email their recommendations to [email protected] by the application deadline.
• Statement of purpose describing your plans and motivation for PhD studies and your career objectives. The statement should be written in English and should not exceed 1000 words.
• One selected academic work showcasing your previous academic output. This can be a copy of your Master’s thesis or other relevant research work.

Certificates, test results, and verification document

• Certificate of a Master of Science degree or equivalent, including transcript of grades.
• Certificate of a Bachelor degree or equivalent, including transcript of grades.
• A Diploma supplement or a similar document, describing in detail the study and grade system and the rights for further studies associated with the obtained degree.
• Other relevant certificates and transcripts
• Certificates from previously completed courses at the doctoral level if requesting approval of these for the PhD program at BI Norwegian Business School (see last section of § 2-1 in our PhD Regulations)
• Test scores GMAT/GRE and TOEFL/IELTS (if these are not sent directly by the test center)
• Signed verification document.

Interviews and additional information

Candidates may, at a later stage, be asked to forward further information and/or be called in for an interview.

Information about the doctoral program and admission requirements can be obtained from the Doctoral Administration at BI Norwegian Business School. E-mail: [email protected]

Where to apply

Requirements, additional information, work location(s), share this page.

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Yahoo Finance

'china problem' may be key as nominees vie for top european commission jobs.

"Europe has a China problem."

These are not words you would have heard from a budding EU trade commissioner a decade ago, when cutting juicy deals with booming economies like China was the top line of the job description.

But in 2024, this might be the kind of rhetoric needed if you want to be handed the keys to the EU's directorate of trade for the next five years.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

"China is challenging us in such a fundamental way that it would be naive to deny that Europe has a China problem. Just read the reports of the Dutch intelligence agencies," said Wopke Hoekstra, the ex-Dutch foreign minister, in a stump speech for a China-facing portfolio in the next European Commission.

The current climate commissioner went on to blame China for "derailing our economy", in the sort of language it would be hard to imagine coming from Valdis Dombrovskis, the taciturn Latvian incumbent.

"That is unacceptable. We aim not to sever ties with China. But we will have to restore the balance. Equal rules for both parties, plain and simple. To achieve this, we will no longer just talk, but we also have to act, if competition continues to be unfair," Hoekstra said.

China hawk Ursula von der Leyen will again lead the European Commission. Photo: EPA-EFE alt=China hawk Ursula von der Leyen will again lead the European Commission. Photo: EPA-EFE>

It is silly season in Brussels. Rumours of who gets what job are fuelling the post-summer rentree drinks receptions and keeping the coffee flowing on the terraces around the EU's Berlaymont nerve centre.

Every five years, each of its 27 member states sends a politician to the Belgian capital to represent its interests in the European Commission, the arm of the EU that proposes, designs and enforces policy.

The biggest jobs are already sewn up, and the EU leadership already looks more forceful on China than in its previous term.

Germany's Ursula von der Leyen, Europe's most famous China hawk, will again lead the commission , while ex-Estonian prime minister Kaja Kallas will be its top diplomat - provided she survives a grilling and vote of European Parliament members next month.

Kallas is as hawkish as they come on Russia, but was seen to have less developed, more moderate views on China by insiders in Tallinn than those outside Estonia would perhaps expect. Nonetheless, given the EU-China relationship is seen by many in Brussels entirely through the lens of Beijing's ties with Moscow, she and von der Leyen are expected to collaborate closely on the file.

Former Estonian prime minister Kaja Kallas will be the EU's top diplomat. Photo: AFP alt=Former Estonian prime minister Kaja Kallas will be the EU's top diplomat. Photo: AFP>

Making up the triumvirate of leaders is Antonio Costa, the former Portuguese prime minister who will be the European Council president. Costa is seen to be less strident on China, having overseen a fire sale of public assets in bankrupt Portugal, often to Chinese buyers.

Costa personally knows the incoming Chinese ambassador to the EU, Cai Run , through the latter's five-year stint as an envoy in Lisbon. Beijing may hope that gives it an opening at the council, made up of member states.

A rung or two down the ladder, however, is where the real action currently is.

High-profile nominees are scrapping it out for the chance to steer the bloc's trade and competition policies - the only two briefs for which Brussels has full decision-making powers, and with that, the opportunity to mould the de-risking agenda introduced by von der Leyen last year.

Ex-Portuguese prime minister Antonio Costa will take over as European Council president. Photo: Reuters alt=Ex-Portuguese prime minister Antonio Costa will take over as European Council president. Photo: Reuters>

France's Thierry Breton, the current internal market commissioner, will return to Brussels and oversee "industry and strategic autonomy", according to a report in German newspaper Die Welt . A French diplomat said Breton had been promised industry and strategic autonomy, and an executive vice-president title that would ensure the trade and defence directorates fall under his command.

The rumour is hard to square with the fact that Breton and von der Leyen famously do not get along. By taking on all of those roles, he could become the most powerful man in Brussels.

A leaked table of future commissioners circulating on Thursday confirmed that Hoekstra was a shoo-in for the trade brief. Austria would take the competition file, while Hungary - Beijing's closest friend in the EU - would be given an unnamed "weak portfolio", the document showed.

Whether Hoekstra would accept being subservient to the flamboyant French entrepreneur remains to be seen, but both France and the Netherlands have good reason to have sway over the bloc's economic security strategy.

French diplomats commonly say that Brussels, in its embrace of industrial and protectionist policy, is becoming more French. Few embody that shift better than Breton, seen as Emmanuel Macron's loyal henchman in Berlaymont.

He has for the last five years been the bad cop to Macron's good cop on China, pushing for trade action on products from electric vehicles to wind turbines, even as the French president built a personal bond with Xi Jinping .

His broad brief as internal market boss has also seen him target Huawei's 5G presence and TikTok's content moderation.

"He wants it all and would really push hard on each front if he got it," the diplomat said. "It would be like von der Leyen was the queen, then five or six princes or princesses as executive vice-presidents, with all the commoners below them."

Thierry Breton has been pushing for trade action on Chinese products. Photo: dpa alt=Thierry Breton has been pushing for trade action on Chinese products. Photo: dpa>

Hoekstra, meanwhile, represents a Dutch government that finds itself caught in the crossfire of the US-China tech war .

Due to the US' cajoling of Dutch chip equipment giant ASML to follow its export controls, the Netherlands has been forced to get ahead of the economic security curve and has done arguably more work on the topic than any other EU member.

As a result, it has been pushing for a Europe-wide export controls regime, with the logic that it is easier for 27 countries to push back against Washington than one.

"The Dutch are free traders, but due to their semiconductor sector, they woke up on the need for economic security before the Germans," said Sander Tordoir, chief economist at the Centre for European Reform.

"Hoekstra would be a sensible choice for trade commissioner: positioned in between von der Leyen and [Olaf] Scholz, France and Germany, on trade with China and this issue more widely," he added.

A senior Dutch source said the trade portfolio would be one welcomed in The Hague - but only if it retains its economic security competence. Hoekstra comes from von der Leyen's European People's Party and would have to leverage that political power to "balance out Breton".

"They know our preference for an economic portfolio, trade fits in that and on semiconductors we want a bigger export control role for the commission and a proactive approach so for us it could make sense," they said.

The saga could rumble on for months. Media reports on Thursday suggested the new commission would not be in place until December, by which point the US election will have passed and new wrinkles could be added to Europe's efforts to craft coherent China policies.

This article originally appeared in the South China Morning Post (SCMP) , the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.