lse phd in finance

Karamfil Todorov

Phd in finance, london school of economics and political science.

I obtained my PhD in Finance from the London School of Economics in 2020 and joined the Bank for International Settlements as an Economist. My research interests are Empirical Asset Pricing, Institutional Investors with focus on ETFs, Macro-Finance, Fixed Income. My research has been published in top finance journals like the Journal of Financial Economics and featured in interviews and articles in the financial press including The Wall Street Journal, Financial Times, and Bloomberg.

This paper studies the impact of the ECB's Corporate Sector Purchase Programme (CSPP) announcement on prices, liquidity and debt issuance in the European corporate bond market using a dataset on bond transactions from Euroclear. I find that the QE programme increased prices and liquidity of bonds eligible to be purchased substantially. Bond yields dropped on average by 30 bps (8%) after the CSPP announcement. Tri-party repo turnover rose by 8.15 million USD (29%), and bilateral turnover went up by 7.05 million USD (72%). Bid-ask spreads also showed significant liquidity improvement in eligible bonds. QE was successful in boosting corporate debt issuance. Firms issued 2.19 billion EUR (25%) more in QE-eligible debt after the CSPP announcement, compared to other types of debt. Surprisingly, corporates used the attracted funds mostly to increase dividends. These effects were more pronounced for longer-maturity, lower-rated bonds, and for more credit-constrained, lower-rated firms.

This paper studies ETF price impact in the most ETF-dominated asset classes: volatility (VIX) and commodities. I propose a new way to measure ETF-related price distortions based on the specifics of futures contracts. This allows me to isolate a component in VIX futures prices that is strongly related to the rebalancing of ETFs. I derive a novel decomposition of ETF trading demand into leverage rebalancing, calendar rebalancing, and flow rebalancing, and show that trading against ETFs is risky. Leverage rebalancing has the largest effects on the ETF-related price component. This rebalancing amplifies price changes and exposes ETF counterparties to variance.

We develop a novel methodology to measure the risk premium of higher-order cumulants (closely related to the moments of a distribution) based on leveraged ETFs. We show that the risk premium on these ETFs reflects the difference between physical and risk-neutral cumulants, which we call the cumulant risk premium (CRP). We show that the CRP is different from zero across asset classes (equities, bonds, commodities, currencies, and volatility) and is large in times of stress. We illustrate that highly leveraged strategies are extremely exposed to higher-order cumulants. Our results have implications for hedge funds, factor models, momentum strategies, and options.

Using a unique transaction-level data, we document that only 60% of bilateral repos held by UK banks are backed by high quality collateral. Banks intermediate repo liquidity among different counterparties and use CCPs to reallocate high-quality collaterals among themselves. Furthermore, maturity, collateral rating and asset liquidity have important effects on repo liquidity via haircuts. Counterparty types also matter: non-hedge funds, large borrowers, and borrowers with repeated bilateral relationships receive lower (or zero) haircuts. The evidence supports an adverse selection explanation of haircuts, but does not find significant roles for mechanisms related to lenders’ liquidity position or default probabilities.

Can ETFs trigger fire sales in illiquid assets? We develop and empirically examine a model where an authorized participant (AP) holds bond inventory and connects the ETF to the underlying bond market. For redemptions, the AP acts as a buffer between the two markets, holding redeemed bonds to preserve the mark-to-market value of her inventory and avoid a fire sale. The AP behaves asymmetrically for creation and transmits ETF purchases to the bond market to boost mark-to-market values. The AP’s costs of handling creations/redemptions are paid by liquidity-demanding ETF investors via premiums/discounts. We document new empirical facts motivated by the model, and provide a novel explanation for why ETFs holding more liquid bonds traded at larger discounts than those holding illiquid bonds during the COVID-induced sell-off in March 2020. Our findings show that ETFs have advantages over mutual funds in managing illiquid assets.

We document that the carry of crypto futures, i.e. the difference between futures and spot prices, can become very large (up to 60% p.a.) and varies strongly over time. This behavior is most consistent with the existence of a highly volatile crypto convenience yield that stems from two main forces: (i) trend-chasing and attention by smaller investors seeking leveraged upside exposure to crypto assets in boom periods, and (ii) the relative scarcity of "arbitrage" capital taking the other side through a cash and carry position. Engaging in the latter is risky due to spikes in margins and liquidations amid drawdowns. The interplay between these two forces, and the involved high leverage, may help explain why severe market crashes are a frequent feature of crypto markets.

This paper explores the variance risk premium in option returns across twenty different futures, including equities, bonds, currencies, and commodities (energy, metals, and grains). We implement a novel model-free methodology that constructs tradable option portfolios, which replicate realized variance. In the period 2006-2020, most assets had significant variance risk premiums, but the realized S&P 500 variance risk premium was not significantly different from zero. Within a particular asset, option prices across different strikes are related to the level of volatility and the correlation of volatility with futures returns. Returns to variance are not associated with systematic risk, but are related to fat tails, consistent with option dealers demanding a premium for holding idiosyncratic volatility risk. Contrary to Bollerslev et al. (2009), we find that option-implied variance does not positively predict underlying futures returns for the majority of assets. However, implied variance does predict returns to variance-sensitive option portfolios.

We find that clients with stronger past trading relationships with a dealer receive consistently better prices in corporate bond trading. The top 1% of relationship clients enjoy transaction costs that are 51% lower than those of the median client—an effect which was particularly beneficial when transaction costs spiked during the COVID-19 turmoil. We find clients’ liquidity provision to be a key motive why dealers grant relationship discounts: clients to whom balance-sheet constrained dealers can turn as a source of liquidity are rewarded with relationship discounts. Another important motive for dealers to give discounts to relationship clients is because these clients generate the bulk of dealers’ profits. Finally, we find no evidence that extraction of information from clients’ order flow is related to relationship discounts.

Exchange-traded funds (ETFs) allow a wide range of investors to gain exposure to a variety of asset classes. They rely on authorised participants (APs) to perform arbitrage, ie align ETFs' share prices with the value of the underlying asset holdings. For bond ETFs, prominent albeit understudied features of the arbitrage mechanism are systematic differences between the baskets of bonds used to create and redeem ETF shares, and a low overlap between these baskets and actual asset holdings. These features could reflect the illiquid nature of bond trading, ETFs' portfolio management and APs' incentives. The decoupling of baskets from holdings weakens arbitrage forces but allows ETFs to absorb shocks on the bond market.

The first US bitcoin (BTC) exchange-traded fund (ETF), "BITO", started trading on 19 October 2021. The fund debuted as one of the most heavily traded ETFs in market history, attracting more than $1 billion in assets in the first few days. Subsequently, the ETF accumulated a significant share of all short-term bitcoin futures contracts, reaching about one third of the underlying futures market just 10 days after its launch (Graph A, first panel). This box explains how the futures-based structure of BITO differs from that of more traditional, non-futures-based equity ETFs and analyses the possible implications for prices and risks.

The transition from Libor to "nearly risk-free" rates (RFRs) has led to structural changes that have reshaped the trading and hedging behaviour of participants in fixed income markets. Using the BIS Triennial Survey statistics, we document four major changes in the instrument mix and geographical distribution of the global turnover of OTC interest rate derivatives between 2019 and 2022. First, forward rate agreements (FRAs) became largely obsolete because of reduced fixing risk. This led to a decline in FRA trading, which dragged down overall turnover. Second, trading in swaps referencing RFRs increased. Third, the UK and US shares in global turnover dropped, whereas the share of the euro area rose. Finally, new instruments emerged to manage morphing basis risks in the post-Libor world.

The compression of equity market volatility (VIX) throughout most of 2023 seems puzzling. Some observers relate the drop in VIX to the recent rise of trading in short-term options on the S&P 500 index that expire on the day of trading (zero-days-to-expiry or 0DTE). In this box, we show that the increased trading in 0DTEs in the past few years did not, on net, lure activity away from one-month options and thus is unlikely to be the main explanation behind the drop in VIX. We then propose an alternative explanation: option dealers effectively dampen volatility when they hedge structured products, which have become more popular recently.

In this paper we analyze the trading of different players in the Bitcoin market. We identify large exchanges, miners, and other major market participants, and document key patterns of flows between them.

• FM213: Principles of Finance (advanced) Teaching evaluations
• FM212: Principles of Finance Teaching evaluations
• FM408: Financial Engineering Teaching evaluations
• FM436: Financial Economics Teaching evaluations - Group 2 --> --> Teaching evaluations
• FM458: Probability and Stochastic Calculus Teaching evaluations
• FM225: Fixed Income Securities, Debt Markets and the Macro Economy
• FM250: Finance
• FM230: Alternative investments
• FM360: Options, futures and other financial derivatives

Each report contains three sections of information, and an averaged Profile line. Only Section 1 "Class/Seminar Teacher Evaluation" is about my class teaching in the particular course. Section 2 "Course Evaluation" is about the course itself, Section 3 gives information about the students who responded. Most questions in Sections 1 and 2 are rated on a scale of 1-5, with 1 being very good and 5 being very bad before 2018.

Note: after 2018, the scale has changed to the opposite: 5 is very good, and 1 is very bad.

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BSc Finance

Introduction, preliminary readings.

Finance is at the heart of every business, industry and society around the world – and its role has never been more complex. There’s a huge demand for talented, ambitious graduates with the right financial acumen to meet these challenges. This rigorous programme equips you with the necessary financial knowledge and quantitative skills.

You’ll delve into the use of specific finance techniques, financial decision-making, risk management and the behaviour of the financial markets. Importantly, you’ll learn how to think analytically, evaluate financial issues from different perspectives and apply analytical methods to real-world problems.

You’ll be taught by world-leading academics and practitioners in the field. We make the most of our proximity to the city and financial districts and you’ll benefit from our links with industry practitioners, regulators and policymakers.

Our graduates are well-prepared for careers in investment banking, sales, trading, investment management, management consulting, start-ups, research and academia.

If you wish to gain further insight into the subject, we suggest that you look at one of the following books, papers and videos:

• A Admati “ Seeing through “the banker’s new clothes” ”, TEDxStanford
• W Clarke  How the City of London Works  (7th edition, Sweet and Maxwell, 2008)
• B Graham  The Intelligent Investor  (HarperBusiness, 2003)
• M Lewis  The Big Short: Inside the Doomsday Machine  (Penguin, 2011)
• D McCloskey  Economical Writing
• PwC:  Peer Pressure – How peer-to-peer lending platforms are transforming the consumer lending industry
• H Rey “ Monetary Policy and International Capital Flows ” IMF Mundell-Fleming Lecture

Annual reviews :

• D Lucas  Valuation of Government Policies and Projects
• P M Dechow, R G Sloan, and J Zha  Stock Prices and Earnings
• C Frydman and D Jenter  CEO Compensation

The Royal Economic Society  Public Lectures:

• T Harford  “How to run – or ruin – an economy”
• S Flanders  “The UK economy after the crisis”
• R Griffith  “Does Starbucks pay enough tax?”

Entry requirements

Here, you can check our entry requirements for GCSEs, A-levels (please read them alongside our information about subject combinations) and the International Baccalaureate (IB) Diploma. We also consider applications from students with a range of other UK qualifications and from overseas. Please select the overseas button below and choose your country from the dropdown list to find the equivalency to A-levels of your qualification.

For GCSEs, you’ll need several GCSE grades at A (or 7) and A* (or 8-9).

As a minimum, we ask for GCSE English Language and Mathematics grades at B (6) or higher. We’ll also consider your overall GCSE subject profile.

A*AA, with an A* in Mathematics

We also consider your AS grades, if available.

See subject combinations regarding Further Mathematics requirements.

Contextual admissions A-level grades

A*AB with an A* in Mathematics

Read our undergraduate admissions information to learn more about contextual admissions.

A-level subject combinations

• We consider your combination of subjects as well as your grades.
• A broad mix of traditional academic subjects provides the best preparation for studying at LSE. We expect applicants to have at least two full A-levels (or equivalent) in these subjects.
• We’re looking for students with strong mathematical abilities, and A-level Mathematics (or equivalent) is therefore essential. If you take three or more A-levels, you’ll need A*AA (with A* in Mathematics).
• Further Mathematics at A-level is also desirable – and accepted with Mathematics and one other A-level. We understand that Further Mathematics is not available in all schools/colleges – you will not be disadvantaged if this is the case. Please could you/your referees indicate this on your application form.
• An A* in Further Mathematics and an A grade in Mathematics is acceptable.
• Alongside Mathematics, we’re looking for subject combinations that show you have good analytical and writing abilities. Typical subject choices include Economics, Physics, History, Chemistry, and Government and Politics.

Find out more about A-level subject combinations .

38 points overall. 766 in higher level subjects, including 7 in Mathematics

Please also see subject combinations regarding Further Mathematics requirements.

Contextual admissions IB grades

37 points overall including 765 in higher level subjects, with 7 in Mathematics

We welcome students from all walks of life at LSE. We want to recruit students with the very best academic merit, potential and motivation. So, whatever your background, please do apply. Get all the details on our general  entry requirements .

Competition for places at LSE is high. We cannot guarantee you an offer of a place even if you’re predicted or achieve our standard entry requirements.

Our standard offer requirements are intended only as a guide and, in some cases, you’ll be asked for different grades.

Programme content

On this programme, you’ll study 12 units over three years, plus LSE100 .

You’ll cover fundamental principles in finance, develop your quantitative skills and take compulsory introductory courses in economics, mathematics and statistics. Additionally, you’ll take LSE100.

Introduction to Finance for BSc in Finance

Microeconomics i, macroeconomics i, elementary statistical theory, quantitative methods for finance, methods in calculus and linear algebra, the lse course, one from the following two options:, elements of financial accounting, programming for data science.

In this second year, you’ll develop your knowledge of core analytical methods in finance and financial economics, and apply them to a range of problems. You’ll take compulsory courses in finance, microeconomics and econometrics.

Principles of Finance I

Principles of finance ii, financial systems and crises, macro-finance, microeconomics ii, econometrics i, econometrics ii, choose either:, managing visualising data, or one half unit optional course.

Your final year gives you the chance to develop in-depth knowledge of a range of finance sub-fields. You’ll take six compulsory courses (half units each) and choose an external option from outside the department (either two half units or a full unit).

Market Anomalies and Asset Management

Theories of corporate finance, risk management and modelling, derivatives, applied corporate finance, advanced financial economics, courses to the value of one unit from a range of options, programme regulations.

For the latest list of optional courses, please go to the relevant School Calendar page .

You may be able to take a language, literature or linguistics option as part of your degree. Find all the details on our  Language Centre web pages .

A few important points you’ll need to know:

We may need to change, suspend or withdraw a course or programme of study, or change the fees due to unforeseen circumstances. We’ll always notify you as early as possible and recommend alternatives where we can.

The School is not liable for changes to published information or for changing, suspending or withdrawing a course or programme of study due to events outside our control (including a lack of demand, industrial action, fire, flooding or other damage to premises).

Places are limited on some courses and/or subject to specific entry requirements so we cannot therefore guarantee you a place.

Changes to programmes and courses may be made after you’ve accepted your offer of a place – normally due to global developments in the discipline or student feedback. We may also make changes to course content, teaching formats or assessment methods but these are always made to improve the learning experience.

For full details about the availability or content of courses and programmes, please take a look at the School’s  Calendar , or contact the relevant academic department.

Some major changes to programmes/courses are posted on our  updated undergraduate course and programme information page .

Why study with us

Discover more about our students and department.

Meet the department

The Department of Finance is one of the largest and most highly respected finance groups in the UK and Europe.

With a longstanding reputation for excellence in both teaching and research, we offer various undergraduate, postgraduate and executive programmes.

Our research and teaching span the full range of financial sub-fields, including:

• corporate finance
• asset pricing theory
• risk management
• empirical analysis of capital markets
• behavioural finance
• portfolio analysis
• derivatives pricing
• microstructure
• financial econometrics.

We're also closely associated with two leading research groups at LSE – the Financial Markets Group and Systemic Risk Centre , which host seminars, conferences and public lectures by renowned academics and practitioners.

Our research is regularly published in leading academic journals globally. Faculty members work closely with national and international institutions, such as the Bank of England and the World Bank, informing policy at the highest levels.

The department was ranked the top place to study finance in the Good University Guide 2024.

Learn more about our programmes and research .

Department of Finance

2nd In Europe

5th In the world

1st We're ranked top university in London for the 12th year running

Carbon neutral in 2021 lse became the first carbon neutral verified university in the uk, your application, who attends.

We consider each application carefully, taking into account all the details you’ve included on your UCAS form, such as:

• academic achievement , including predicted and achieved grades (also see specific information about this programme in the "entry requirements" above)
• subjects and subject combinations  (also see specific information about this programme in the "entry requirements" above)
• your personal statement
• your teacher’s reference
• educational circumstances

You may also have to provide evidence of your English proficiency, although this is not needed at the application stage.  See our English language requirements page .

We’re looking for students who demonstrate:

• strong analytical skills and a high level of numeracy
• an ability to apply logic, follow complex lines of reasoning and identify trends
• the ability to think independently
• a creative and flexible approach to problem-solving
• time-management skills and resilience (to thrive under pressure)
• great communication skills
• intellectual curiosity
• self-motivation and a willingness to work hard.

Fees and funding

The table of fees shows the latest tuition fees for all programmes.

You're charged a fee for each year of your programme. Your tuition fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It doesn't cover living costs or travel or fieldwork.

Home student fee per each year of your programme

This is the 2025/26 tuition fee. The home student undergraduate fee may rise in line with inflation in subsequent years.

Overseas student fee per each year of your programme

This is the 2025/26 fee for each year of your programme. The overseas tuition fee will remain at the same amount for each subsequent year of your full-time study regardless of the length of your programme. This information applies to new overseas undergraduate entrants starting their studies from 2025/26 onwards.

Your tuition fees, and eligibility for any financial support, depend on whether you’re classified as a home or an overseas student – known as your fee status. We assess your fee status based on guidelines from the UK Government’s Department for Education.

Learn more about fee status classification .

Scholarships, bursaries and loans

We recognise that the cost of living in London may be higher than in your home town or country. LSE provides generous financial support, in the form of bursaries and scholarships, to UK, EU and overseas students.

Additionally, the UK Government provides loans to UK and some EU students. Some overseas governments also offer funding.

Further information on tuition fees, living costs, loans and scholarships .

Learning and assessment

How you learn, how you're assessed.

Format and contact hours: you’ll usually have 12 to 15 hours of lectures and classes each week. Hours vary according to the course. Get a broad idea of the study time involved in the Calendar within the Teaching section of each course guide .

Independent study: you’ll also be expected to complete independent study, which involves reading, writing essays or working on class assignments.

In total, you should expect to study 40 hours per week.

LSE teaching: lectures are given by academic staff while classes are predominantly taught by PhD students. Learn about the teacher responsible for each course in the relevant  course guide .

Academic support

Academic mentor: you’ll meet with your academic mentor regularly to discuss your work. Your mentor can provide advice and guidance on academic issues and, where appropriate, personal concerns.

Other academic support: at LSE, we offer lots of opportunities to extend your learning outside the classroom.

LSE LIFE is a great place to get advice and practise the skills you’ll need during your studies and beyond.

Through LSE LIFE, you can:

• attend workshops on developing leadership skills, finding the right study/work/life balance and preparing for the world of work
• develop your reading, academic writing and critical-thinking skills
• gain experience of working in study groups and develop your cross-cultural communication and teamwork skills.

Disability and Mental Health Service: we want all LSE students to achieve their full potential. Students can access free, confidential advice through our Disability and Mental Health Service . This is the first point of contact for students.

Your timetable

• The standard teaching day runs from 9am to 6pm, Monday to Friday. Undergraduate teaching is not normally scheduled for Wednesdays after 12 noon to allow for sports, volunteering and other extra-curricular activities.
• The lecture and seminar timetable is published in mid-August and the full academic timetable (with information on classes) is published by mid-September via the LSE timetables web pages .
• All personal undergraduate timetables are published in LSE for You (LFY) . For personal timetables to appear, you must be registered at LSE, be signed up for courses in LFY and ensured that there are no unauthorised clashes in your course selections. We try our best to minimise changes once personal timetables have been published. However, you’ll be notified about any changes by email.

Formative coursework

A ll taught courses include formative coursework, which is not assessed. This helps prepare you for summative assessment. We use a range of formative assessment methods, such as essays, case studies, reports, quizzes and mock exams. Feedback on coursework is an essential part of the learning experience. Class teachers mark formative coursework and feedback is given within two weeks – provided the work is submitted on time.

Summative assessment

This assessment counts towards your final course mark and the degree award.

Summative assessment usually involves written examinations at the end of each academic year. To progress through the degree, you’ll need to pass the appropriate examinations.

Assessment on individual courses can change from year to year. Details on the current formative coursework and summative assessment for each course are given in the relevant  course guide .

You’ll receive feedback on any summative coursework as part of individual course assessments (except on final submitted dissertations). This feedback is generally provided before the examination period.

Find out more about LSE’s teaching and assessment methods .

Graduate destinations

Career support.

Graduates from this programme will be well prepared for careers in investment banking, sales, trading and research, investment management, management consultancy, start-ups and other professional careers in the City, as well as further academic study.

Further information on graduate destinations for this programme

Median salary of our undergraduate students 15 months after graduating:

Top 2 sectors our students work in:.

From CV workshops through to careers fairs, LSE offers lots of information and support to help you make that all-important step from education into work.

Many of the UK’s top employers give careers presentations at the School during the year and there are numerous workshops covering topics such as job hunting, managing interviews, writing a cover letter and using LinkedIn.

See LSE Careers for further details.

Discover Uni

Every undergraduate programme of more than one year duration will have Discover Uni data. The data allows you to compare information about individual programmes at different higher education institutions.

Programmes offered by different institutions with similar names can vary quite significantly. We recommend researching the programmes you're interested in and taking into account the programme structure, teaching and assessment methods, and support services available.

Find out more

Explore lse, student life.

Student support

Accommodation

Meet, visit and discover LSE

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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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.  

Select academic 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

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August 22nd, 2024

The educational choices of british 16-year-olds matter for the economy.

0 comments | 7 shares

Estimated reading time: 5 minutes

As British pupils receive their General Certificate of Secondary Education (GCSE) results, their next steps are shaped by choices that politicians have made about the further education system. Drawing on the Economy 2030 Inquiry, Aadya Bahl reviews research on what needs to be changed in further education to reduce inequalities and boost the economy.

The choices that British 16-year-olds are making in the next few weeks about their future studies matter not just for them and their families but also for the nation’s economy.

Britain needs a workforce with graduate-level skills to achieve its potential as a high-value, service-based economy, as highlighted by the Economy 2030 Inquiry . This need is acute in the country’s strategic growth sectors, namely financial and business services, the creative and cultural sectors, and the life sciences. These typically demand workers with higher levels of formal education and offer substantial wage premiums to university graduates.

The message seems clear: education is key to thriving in Britain’s future economy. The British education system has nine qualification levels , from entry level (Levels 1 to 3) to Level 8 (doctorate or equivalent). The higher the level, the more difficult the qualification. Level 3 qualifications consist of A-levels and their equivalents in technical or vocation education and are mainly taken by young people after their General Certificate of Secondary Education, or GCSEs, (Level 2).

The Economy 2030 Inquiry analysis reveals a stark reality : 30 per cent of young people are not undertaking education or training by age 18. Among those who do continue their education, the majority opt for higher education. But what of those 16-year-olds who do not see themselves following the well-worn A-levels-to-university track? How can pupils who are not drawn to the traditional route develop the skills necessary to contribute to, and benefit from, economic growth?

For these pupils. there are alternatives to the academic path: technical or vocational routes, including T-levels (alternative to A- levels and apprenticeships), applied general qualifications such as the ones provided by the Business and Technology Education Council (BTEC) and apprenticeships. These pathways provide practical, industry-focused learning and can serve as stepping stones to higher education. But there are hurdles along the way.

Navigating apprenticeships

Apprenticeships, for example, exist across sectors and are subject to employer-led standards . They have huge potential for offering a good start in life for people not going to university, but in England, approximately half of all apprenticeships have been taken up by people aged 25 and over. They are more likely to undertake expensive courses, which tend to be financed by the Apprenticeship Levy (equal to 0.5 per cent of the pay bill for companies with a pay bill of £3 million a year). Employers can claim back the apprenticeship levy they have paid based on their investment in off-the-job training for apprenticeships.

This may suit individual employers training existing staff, but in the long run, it is in the collective interest to train as many young people as possible to level 3, the “ most difficult ” of the three entry qualification levels. An “ apprenticeship guarantee ” ring-fencing a substantial part of the levy for under 25s would help facilitate the school-to-work transition through introducing demand-led funding, as exists in schools and higher education.

BTECs and the educational landscape

The new Education Secretary, Bridget Phillipson, has paused and will review plans to scrap some applied general qualifications , including BTECs, that overlapped with existing T-levels.

BTECs have long been a popular choice for many young people going to further education colleges. A report by the Education Policy Institute (EPI) and the Oxford University Centre for Skills, Knowledge and Organisational Performance (SKOPE) revealed that in 2022, 13 per cent of 16–17-year-olds in further education colleges took A-levels, but around 43 per cent were undertaking other Level 3 qualifications such as BTECs in England.

BTECs not only provide practical learning for those interested in a particular industry but are also an alternative route from A-levels into university. In fact, one in four young people in England use BTECs as a pathway to higher education. It is estimated that the original proposals to remove funding from some Level 3 qualifications would impact close to 40,000 young people aged between 16 and 19, affecting six per cent of non-A-level enrolments at this level.

Individuals pursuing BTECs are more likely to be from disadvantaged backgrounds when compared to their A-level counterparts. These young people are more likely to come from neighbourhoods with low rates of university participation, or to belong to ethnic minorities.

Level 3 qualifications also come with a substantive wage premium. Individuals having a BTEC at Level 3 can, on average, earn 32 per cent more than individuals with a Level 2 vocational qualification, allowing disadvantaged students a chance to climb up the ladder. But the Economy 2030 Inquiry highlights that there has been a 12 per cent cut to further education funding per pupil since 2012.

Sub-degree qualifications

To build a highly skilled workforce, clearly defined pathways are needed for those who have completed Level 3 qualifications. The well-worn undergraduate route is one such pathway, but sub-degree qualifications, such as the Higher National Certificate (HNCs) and the Higher National Diploma (HNDs), are less common.

According to the Economy 2030 Inquiry’s Learning to Grow report, only nine per cent of people aged 25-64 hold a sub-degree qualification in the UK, with this proportion being much lower for younger cohorts: only four per cent of 25-year-olds in the country hold a Level 4 or Level 5 qualification.

The inquiry suggests that the share of workers qualified to a sub-degree level in the UK should be three times higher to meet the demands of the growing economy.

But a lack of availability and awareness of clear and high-quality routes into Level 4 or Level 5 qualifications presents a significant barrier. For those achieving good Level 3 qualifications, there is often no clear pathway to further their education at a sub-degree level.

This shortage has grave implications for the growth sectors that rely on an increasing number of higher-level skills to expand. Estimates suggest that these sectors are missing roughly 660,000 workers that are educated at a sub-degree level due to this gap. Despite the high demand, many students are either unaware of these pathways, or do not understand how they link with earlier qualifications and future career and education prospects.

The way forward

While the push towards higher-level skills aligns with the needs of our evolving economy, the value of alternative pathways cannot be overstated, especially in their role of promoting social mobility and addressing skills gaps. It is crucial to maintain a diverse range of pathways. The establishment of Skills England , which aims to transform the current skills landscape focusing on the post-16 education pathways, provides an opportunity to build a strategy that supports skill development and removes barriers to opportunities.

These post-16 pathways need consistent and adequate funding to maintain quality and ensure accessibility. In addition to funding, there is also a pressing need to improve signposting and career advice. Students must be made aware of all options and opportunities, not just the traditional academic routes. Widening access to alternative pathways and ensuring young people have the right information is vital for making informed decisions that maximise their potential.

University education remains crucial in developing higher-level skills. But technical and vocational routes, including Level 3 and sub-degree qualifications, play an equally important role in building a skilled and inclusive workforce. Investing in skills and education at all levels is not just an important lever for economic growth; it is also an investment in the future of every young person in the country.

• This blog post draws from the Economy 2030 Inquiry , a joint initiative between LSE’s Centre for Economic Performance and the Resolution Foundation, funded by the Nuffield Foundation.
• The post represents the views of the author(s), not the position of LSE Business Review or the London School of Economics and Political Science.
• Featured image provided by Shutterstock
• When you leave a comment, you’re agreeing to our  Comment Policy .

About the author

Aadya Bahl is a Policy Officer in LSE’s Centre for Economic Performance. Her work aims to use data-driven and research-backed insights to inform policy decisions.

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GY475       Half Unit Issues in Environmental Governance

This information is for the 2024/25 session.

Teacher responsible

Dr Richard Perkins, Dr Eugenie Dugoua and Prof Michael Mason

Availability

This course is compulsory on the MSc in Environmental Policy and Regulation and MSc in Environmental Policy, Technology and Health (Environmental Policy and Regulation) (LSE and Peking University). This course is available on the MSc in Development Studies, MSc in Environment and Development, MSc in Environmental Economics and Climate Change, MSc in Environmental Policy, Technology and Health (Environment and Development) (LSE and Peking University), MSc in Environmental Policy, Technology and Health (Environmental Economics and Climate Change) (LSE and Peking University), MSc in Local Economic Development, MSc in Regulation and MSc in Urban Policy (LSE and Sciences Po). This course is available as an outside option to students on other programmes where regulations permit.

The number of students that can be accommodated is limited. If the course is over-subscribed, places will be allocated at the Department’s discretion and a waiting list may be created. For further details, please contact your relevant Programme Coordinator.

Course content

This Winter Term  half unit is designed to highlight key issues in environmental governance. A basic premise of the course is that governing sustainability transitions requires us to consider environmental decision-making and action by an increasingly diverse set of actors – including private ones. The themes covered illustrate the challenges, approaches, and tools of environmental governance by these actors: governing technological change, corporate social responsibility, sustainable finance, civil regulation, and international negotiations.

10 hours of lectures and 13 hours and 30 minutes of seminars in the WT.

In the Department of Geography and Environment, teaching will be delivered through a combination of classes/seminars, pre-recorded lectures, live online lectures, in-person lectures and other supplementary interactive live activities.

This course is delivered through a combination of seminars and lectures across the Winter Term.

This course includes a reading week in Week 6 of Winter Term.

Formative coursework

All students are required to make one presentation on an agreed topic.

Indicative reading

While there is no one single text that covers all aspects of the course, students are advised to consult the following:

Gupta, A. and M. Mason (eds.) (2014). Transparency in Global Environmental Governance. Cambridge, MA: MIT Press.

Martindale, W. (2023). Responsible Investment: An Insider's Account of What's Working, What's Not and Where Next. Cham: Palgrave Macmillan/Springer.

Rasche, A. et al. (eds.) (2023). Corporate Sustainability: Managing Responsible Business in a Globalised World. 2nd edition. Cambridge: Cambridge University Press.

Take-home assessment (100%) in the ST.

Student performance results

(2020/21 - 2022/23 combined)

Department: Geography and Environment

Total students 2023/24: 24

Average class size 2023/24: 8

Controlled access 2023/24: Yes

Value: Half Unit

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

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