(3 courses)
Students specialize in one of two tracks in finance research.
Students choose a minimum of two 2-course sequences from the alternative fields listed below. Courses may not be used to fulfill two general fields. In many cases, students interested in the field will want to take more than two of the suggested course in the field.
*
Students are required to sign up for either a research or teaching practicum each quarter of enrollment. Below is a description of the practicum requirements for Finance students.
During the student’s first year, the student will be assigned each quarter to work with a different faculty member. This assignment will involve mentoring and advising from the faculty member and RA work from the student. The purpose of new assignments each quarter is to give the student exposure to a number of different faculty members.
In subsequent years, the practicum will take the form of a research or teaching mentorship, where the student is expected to provide research or teaching support under the guidance and advice of a faculty member. Faculty assignments here will be made through informal discussions between faculty and students, and may be quarterly, or for the entire year.
For students of all years, one requirement to satisfy the practicum is that students regularly attend the Finance seminar. The only exception to this will be if there is a direct and unavoidable conflict between the seminar and necessary coursework.
All students in all years are expected to complete a research paper over the summer, and present this paper in the Fall quarter. A draft of this research paper should be submitted by the end of September to the field liaison. Students can continue to work on and improve their paper up to their presentation. Presentations of summer research will always be viewed as research in progress.
For students completing their first year, the summer paper should demonstrate the mastery of a specific area in the literature. This can be accomplished by either (i) presenting the preliminary development of a research idea or (ii) presenting work co-authored with faculty. The student will be expected to present this paper to a gathering of three Finance faculty members of the student’s choosing in October.
For students completing their second year, the summer paper should develop a research idea that was approved during the oral exam at the beginning of the summer (see below). “Develop” does not mean complete - students will be evaluated based on whether they have made reasonable progress on their research topic and on whether they have identified an appropriate research question. A passing grade on the second-year paper is one requirement for admission to candidacy.
In all years after the second year, the summer research paper should be a well-developed research paper. (Well-developed does not mean completed – research is always presented as work in progress. Rather, it means that the work shows enough progress and development to merit a seminar presentation.) Students will then present their papers to the overall Finance faculty and PhD student body in scheduled talks over the Fall quarter. Student presentations will typically be 45 minutes, save for job market paper presentations, which will be a full hour and a half.
More generally, these presentations throughout all years will be a primary manner that faculty who are not advising the student become familiar with the student’s work, and will play a crucial role in the assessment of the student’s academic progress.
Students take the field exam in the summer after the first year. Material from the field exam will be based on required first year coursework. This includes required finance courses, as well as the required microeconomic and econometric classes. The primary purpose of the exam is to ascertain that students have learned the introductory material that is a necessary foundation for understanding and undertaking research in the field. Additionally, studying for the field exam will give students the opportunity to review and synthesize material across all their different first year courses. Students may be asked to leave the program if they fail the field exam, or may be allowed to retake the exam at the Faculty’s discretion. Students who fail the field exam two times will be required to leave the program.
One quarter of course assistantship or teaching practicum. This requirement must be completed prior to graduation.
The finance oral exam takes place at the end of the spring quarter of the second year, in early June.
At the beginning of the spring quarter of the second year, the student meets with the liaison to determine three finance faculty members who will administer the exam. The student then meets with the selected faculty examiners to discuss a set of topics that will be covered in the finance oral exam. These topics will generally be chosen from coverage in the Finance PhD classes. An important component of the exam involves the student identifying a particular research area to discuss at the exam. The student will be expected to discuss major results in the literature related to this area and to identify important unresolved questions that need to be addressed. In addition the student will be expected to discuss how one or more of these questions might be addressed either theoretically or empirically. During the exam, the student should agree with the faculty members on a topic for the second-year paper (see above).
The results from the finance oral exam plus the result from the second-year summer research paper (presented in the fall of 3rd year) and overall performance in the program are weighed in the decision to admit to candidacy.
Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.
The university oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are required to successfully complete the oral exams by September 1 before the start of their fifth year in the program.
The doctoral dissertation is expected to be an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. The Finance faculty defer to the student’s Dissertation Reading Committee to provide general guidelines (e.g., number of chapters, length of dissertation) on the dissertation.
Years one & two.
Related departments.
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As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.
Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.
The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.
Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.
Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow
Professor of Finance and Entrepreneurship
Leo Melamed Professor of Finance
Merton H. Miller Distinguished Service Professor of Finance
Robert R. McCormick Distinguished Service Professor of Finance
Neubauer Family Associate Professor of Finance and Fama Faculty Fellow
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business
Joseph L. Gidwitz Professor of Finance
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation
Stevens Distinguished Service Professor of Economics and Finance
AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow
Professor of Finance and Fama Faculty Fellow
Fama Family Distinguished Service Professor of Finance
Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar
Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar
Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow
Katherine Dusak Miller Distinguished Service Professor of Finance
Bruce Lindsay Distinguished Service Professor of Economics and Public Policy
Assistant Professor of Finance and Fama Faculty Fellow
Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center
Associate Professor of Finance
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance
Professor of Economics and Finance
Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.
Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.
Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.
The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.
Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.
It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.
It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.
While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).
Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.
Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.
Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.
Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.
George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.
Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.
For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.
Video Transcript
Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.
Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.
PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.
Current Students
Ching-Tse Chen Natalia Corado Mihir Gandhi Huan (Bianca) He Jessica Li Edoardo Marchesi Alexa Marciano Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela
Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .
The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.
Download the 2023-2024 Guidebook!
Fnce9110 - financial economics (course syllabus).
The objective of this course is to undertake a rigorous study of the theoretical foundations of modern financial economics. The course will cover the central themes of modern finance including individual investment decisions under uncertainty, stochastic dominance, mean variance theory, capital market equilibrium and asset valuation, arbitrage pricing theory, option pricing, and incomplete markets, and the potential application of these themes. Upon completion of this course, students should acquire a clear understanding of the major theoretical results concerning individuals' consumption and portfolio decisions under uncertainty and their implications for the valuation of securities.
Prerequisites: ECON 6100 OR ECON 7100
This course provides students with an overview of the basic contributions in the modern theory of corporate finance and financial institutions. The course is methodology oriented in that students are required to master necessary technical tools for each topic. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, and some selected topics.
This course is an introduction to empirical methods commonly employed in finance. It provides the background for FNCE 934, Empirical Research in Finance. The course is organized around empirical papers with an emphasis on econometric methods. A heavy reliance will be placed on analysis of financial data.
Prerequisites: FNCE 9110 AND STAT 5100 AND STAT 5110
This course covers some advanced material on the theory of financial markets developed over the last two decades. The emphasis is on dynamic asset pricing and consumption choices in a continuous time setting. The articles discussed include many classical papers in the field as well as some of the most recent developments. The lectures will emphasize the concepts and technical tools needed to understand the articles.
Prerequisites: FNCE 9110 AND ECON 7100 AND 7110
This course covers general equilibrium and rational expectations, foundations of the theory of information; learning from prices in rational expectations equilibrium models, moral hazard, adverse selection, and signaling bidding theories.
Prerequisites: FNCE 9220
This is a doctoral level course on macroeconomics, with special emphasis on intertemporal choice under uncertainty and topics related to finance. Topics include: optimal consumption and saving, the stochastic growth model, q-theory of investment, (incomplete) risk sharing and asset pricing. The course will cover and apply techniques, including dynamic programming, to solve dynamic optimization problems under uncertainty. Numerical solution methods are also discussed.
This course exposes student to recent development in the asset pricing literature. The starting point for the course is the standard neo-classical rational expectations framework. We will then investigate where this frameworkhas succeeded and where it has not. Recently documented deviations from the framework in the literature are discussed and placed in context. The course will also focus on hypothesis development, recent research methods, and research writing. The ultimate objective is for students to develop their own hyoptheses and research ideas, resulting in a paper.
The course will cover a variety of micro-econometric models and methods including panel data models, program evaluation methods e.g. difference in differences, matching techniques, regression discontinuity design, instrumental variables, duration models, structural estimation, simulated methods of moments. The structure of the course consists of lectures, student presentations, and empirical exercises. Published studies will be utilized in a variety of fields such as corporate finance, labor economics, and industrial organization to illustrate the various techniques. The goal of the course is to provide students with a working knowledge of various econometric techniques that they can apply in their own research. As such, the emphasis of the course is on applications, not theory. Students are required to have taken a graduate sequence in Econometrics, you should be comfortable with econometrics at the level of William Green's "Econometric Analysis of Cross-Section and Panel Data".
Prerequisites: STAT 5210
This course covers advanced theory and empirical investigations; financial decisions of the firm, dividends, capital structure, mergers, and takeovers.
To provide an understanding of selected topics of current academic research in the areas of international finance and its intersection with international macroeconomics; to teach interested students the tools for conducting research in this field. Each topic will be developed beginning with early classic papers and then updated through the current status of the profession. The typical target audience comprises students in their second year or later. Prerequisite: Completion of first year course requirements
This course has three main objectives: The first object is to introduce students to the fundamental works and the frontier of research in dynamic asset pricing. We will cover recent models that have been proposed to shed light on intreguing and important empirical patterns in the cross section and in the time series. Topics include non-separable utilities, market incompleteness, learning, uncertainty, differences of opionions, ex-ante and ex-post asymmetric information, ambiguity and Knightian uncertainty. The second objective is to teach students how to think of asset pricing research under a bigger or richer framework. We shall focus on the interactions between asset pricing and other fields such as macroeconomics, corporate finance, financial institutions, and international finance. The goal of inventigating the joint dynamics is not only to better understand how asset prices are determined, but also (maybe more importantly) how would asset pricing dynamics affect other important economic vaiables such as investment, corporate payout and financing, unemployment, risk sharing, and international capital flows. Students will learn production-based asset pricing models, particularly the asset pricing models with investment-specific technology shocks, risk shocks, financial friction, searching frictions and information frictions. Of course, the advanced solution methods will focus too. The third objective is to introduce advanced empirical methods to analyze the data and the quantitative dynamic models. It includes how to estimate structural dynamic models, how evaluate structural models beyond goodness-of-fit tests, how confront the models predictions with empirical data by simulation and re-sampling techniques, and how to efficiently test models and explore new patterns using asset pricing and macro data.
Prerequisites: FNCE 9110 AND FNCE 9210
The primary goal of this 0.5cu course is to introduce students to the main areas of research in household finance. The emphasis will be on discussing papers on the research frontier on topics such as consumption, portfolio choices, housing, inequality and entrepreneurship. This course complements REAL 9480, Advanced Topics in Urban Economics: Household Real Estate Decisions-Making. Students are encouraged to take REAL 9480 in the first half of the spring semester and FNCE 9360 in the second half of that semester.
This is an advanced course in quantitative theory applied to macro and finance models. It is intended for doctoral students in finance, economics and related fields. The course focuses on four broad theoretical literatures: (i) firm investment and growth; (ii) corporate, household and sovereign debt; (iii) asset pricing in general equilibrium; and (iv) equilibrium macro models with a financial sector. My approach is to develop and discuss in detail a unified framework that is suited to address most topics, usually covering a few central topics and the core papers. We then discuss the more recent literature, highlighting how authors combine and expand upon the core ideas. This part of the course usually relies on regular student presentations.
Prerequisites: FNCE 9110
This course may be offered (and taken by a student) several times a year with varying topics.
PhD Program
More Information
BC.EDU LINKS
An international reputation for academic excellence.
Faculty in the Seidner Department of Finance are experts in their disciplines and globally acclaimed for their scholarship, research, and mentorship. In our collegial environment, students typically collaborate with one another and with faculty to produce groundbreaking research.
The academic program begins with systematic, rigorous training in quantitative methods, economics, and finance. In addition, students complete a major research project, serve as research and teaching assistants, and write a doctoral dissertation.
Doctoral students in finance at Boston College complete a program of study that leads to competency in three areas: quantitative methods, economics, and finance. The program begins with course work in quantitative methods, economics, and finance. In the third year, students complete a major research project designed to develop their ability to do original research. Through hands-on experience as teaching assistants, students gain important pedagogical experience. Finally, each student completes a doctoral dissertation that contributes substantial, original work to the field of finance.
Students must complete a program of study that leads to competency in three areas: quantitative methods, economics and finance. The requirements of the program of study are typically satisfied by completing 14 courses in the first two years in the program. In some cases, course work prior to entering the program or successful performance on waiver examinations may be substituted for required courses. However, each student must complete a minimum of 12 courses while in the Program.
Satisfactory performance on a comprehensive examination marks the student’s transition from course work to full-time thesis research. The examination is intended to allow the student to demonstrate substantial knowledge of the literature and theory of finance and economics and competence in the area of quantitative methods. The examination consists of two steps.
Doctoral students are expected to engage early in research. The culmination of the program is the doctoral dissertation, a substantial, significant, and original contribution to the field that is prepared under the guidance of a thesis committee of three or more faculty members. When the research is complete, students present a thesis-defense seminar that is open to the Boston College community.
Doctoral students at the Carroll School are expected to serve as research assistants, teaching assistants, and/or instructors throughout their studies. Students work for a set number of hours per week, throughout the duration of their Ph.D. programs. In exchange, the Carroll School provides financial support for doctoral students in the form of a stipend and tuition remission.
Course Descriptions
Microeconomic Theory I Statistics Ph.D. Seminar: Advanced Topics in Capital Markets |
Microeconomic Theory II Econometric Methods Macroeconomic Theory II Ph.D. Seminar: Corporate Finance RA/TA Work |
Ph.D. Seminar: Asset Pricing Ph.D. Seminar: Advanced Topics in Corporate Finance Ph.D. Seminar: Topics in Empirical Corporate Finance RA/TA Work |
Ph.D. Seminar: Advanced Topics in Asset Pricing |
Research Paper |
Dissertation RA/TA Work |
Dissertation RA/TA Work |
Dissertation |
|
Dissertation Research and Writing RA/TA Work |
Dissertation Research and Writing |
The Ph.D. Program in Finance at the Carroll School attracts applicants from all over the world and from a wide array of backgrounds. While notable for the diversity of their individual achievements, our students typically share a track record of leadership, a strong commitment to research and teaching, and a desire to make a difference in the world.
Note: The following information reflects data for the entering classes of 2020–2024. Updated September 10, 2024.
Year | Class Size |
---|---|
2020 | 4 |
2021 | 4 |
2022 | 4 |
2023 | 4 |
2024 | 4 |
Overall Selectivity | 7.7% |
Item | Data |
---|---|
Average Age | 29 |
Age Range | 23–38 |
Women | 25% |
International Students | 60% |
Metric | Data |
---|---|
Average GMAT (10th Edition) Score | 740 |
GMAT (10th Edition) 80th Percentile Range | 730–748 |
Average GRE Score | 327 |
GRE 80th Percentile Range | 315–334 |
Average Undergraduate GPA | 3.71 |
Average Full-Time Work Experience | 2.7 years |
Students Holding Master's Degree | 35% |
Our students and recent graduates are also prolific scholars and writers, publishing regularly in top economic and finance journals such as the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and the Journal of Financial and Quantitative Analysis.
American University
Arizona State University
Baruch College (City University of New York)
Bocconi University
DePaul University
Fordham University
George Washington University
Indiana University
Lehigh University
Louisiana State University
Michigan State University
National University of Singapore
Texas A&M University
The College of William and Mary
University of Alberta
University of Arizona
University of Georgia
University of Minnesota
University of New South Wales
University of Notre Dame
University of Pennsylvania (Wharton)
University of Virginia (Darden School)
University of Hong Kong
Villanova University
Virginia Tech University
Learn more about current Ph.D. in Finance candidates.
Faculty take an active role connecting students with exceptional career opportunities.
Application link & deadlines.
Application Deadline: The deadline to apply for Fall 2025 is January 7, 2025.
Application Fee: All applicants are required to pay a nonrefundable application fee of $100 USD.
Interviews: If selected, applicants will be invited to interview in early spring.
Admission Decisions: Applications are generally reviewed after the final deadline has passed. There is no specific decision notification date for Ph.D. programs. Final decisions are typically available by mid-spring.
Your current curriculum vitae should include your education, research, and professional information.
We also require a separate Employment History, using the form provided within the online application.
Recommendations from two individuals who can provide an objective appraisal of your capacity for intensive graduate study and potential for professional success.
All applicants must possess a four-year bachelor’s degree from an accredited college or university. You must submit transcripts from every institution where you were enrolled in a degree-granting program. At the time of application, only a self-reported transcript is required but if you are admitted, we will require an official transcript sent directly from your degree-granting institution. Transcripts should include:
Course names
All grades received (including transfer credits and study abroad programs)
Cumulative GPA
Degree conferral information
Graduates of non-U.S. institutions must possess a college or university degree equivalent to a four-year U.S. bachelor’s degree. If admitted, international students are required to submit an official English translation of all academic credentials, along with a third-party degree verification from an agency such as SpanTran/TEC or World Education Services (WES) .
Applicants must submit GMAT or GRE scores from within the past five years. We accept both the GMAT Exam and GMAT Focus Edition. Our test codes are:
While Graduate Admissions does not have a preference between the GMAT or GRE, we encourage you to consult class profile data for average test scores in order to gauge where you stand.
If you are not a U.S. citizen or permanent resident, you are required to submit an English language proficiency exam score with your application. We accept TOEFL, IELTS, or PTE scores. We do not accept the Duolingo English Test.
Scores must be from within the past two years, and applicants must meet the following minimum scores:
TOEFL, iBT, and TOEFL iBT Home Edition: 100
You are eligible to waive the language test requirement if you meet either of the following criteria:
You have completed a four-year bachelor’s degree or a two-year master’s degree (or higher) at an institution where the medium language of instruction is English. You must have completed your degree in its entirety at the English-medium institution. The medium language of instruction must be indicated on your transcript or verified in an official letter from the institution.
You have worked in a full-time, post-degree position for at least two years in the United States or a country where English is an official language. NOTE: Working for a company that conducts its business in English in a country where English is not an official language will not qualify you for a language test waiver.
If you are eligible to waive the language test requirement, you do not need to submit a waiver request beforehand and can simply move forward with your application.
Applicants must submit a required essay discussing their research interests and career objectives. You may also submit an optional essay that addresses aspects of your candidacy that have not already been covered in other parts of the application.
If you have any further questions, please email us at bcmba@bc.edu , or schedule a phone call or Zoom appointment with a member of the Graduate Admission team.
Graduate admission faq, why the carroll school, diversity & inclusion, facts & figures.
Graduate Research
What is it about.
The Melbourne Business School Doctoral Program in Finance has the largest and most well-developed set of doctoral subjects on offer in Australia. Taught by the Department of Finance , which is internationally recognised for its world-class research and research training and augmented by visitors from the world's top finance programs.
The Doctoral Program in Finance is made up of a 2-year Master of Commerce coursework program followed by a 3-year PhD.
Generous scholarships are available for high achieving applicants, including full fee waivers and a stipend of AUD 37,000 per year (2024 RTP rate).
Research conference travel funding of AUD$15,000 is available to all confirmed PhD candidates.
Graduate Research candidates are provided with funding and encouraged to submit papers to prominent local and international finance journals and conferences. Students are also encouraged to apply for tutoring positions within the Department throughout their candidature.
Register to attend an information session
The Department of Finance also offers a Doctoral Program in Decision, Risk and Financial Sciences .
Contact-support How can we help?
Curriculum & coursework.
Our programs are full-time degree programs which officially begin in August. Students are expected to complete their program in five years. Typically, the first two years are spent on coursework, at the end of which students take a field exam, and then another three years on dissertation research and writing.
Students in the Accounting and Management program must complete a minimum of 13 semester-long doctoral courses in the areas of business management theory, economic theory, quantitative research methods, academic field seminars, and two MBA elective curriculum courses. In addition to HBS courses, students may take courses at other Harvard Schools and MIT.
Students in accounting and management begin research in their first year typically by working with a faculty member. By their third and fourth years, most students are launched on a solid research and publication stream. In Accounting and Management, the dissertation may take the form of three publishable papers or one longer dissertation.
Recent questions students have explored include: the ways in which managers use retail-level marketing actions to influence the timing of consumer purchases in relation to their firms’ fiscal calendars and financial performance as well as those of their competitors; the role of accounting information in strategic human resource decisions; the evolution, consequences and institutional determinants of unregulated financial reporting practices; the effects of adopting rolling forecasts on forecast quality.
“ I’m constantly inspired to look into new research angles by the brilliant people I run into on campus every day. ”
Recent placement, yaxuan chen, 2024, hashim zaman, 2022, wei cai, 2020, matthew shaffer, 2019, botir kobilov, 2024, patrick ferguson, 2021, jihwon park, 2020, wilbur chen, 2022, alexandra scherf, 2021, jody grewal, 2019.
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Through intellectual rigor and experiential learning, this full-time, two-year MBA program develops leaders who make a difference in the world.
Earn your MBA and SM in engineering with this transformative two-year program.
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Combine an international MBA with a deep dive into management science. A special opportunity for partner and affiliate schools only.
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Bring a business perspective to your technical and quantitative expertise with a bachelor’s degree in management, business analytics, or finance.
Apply now and work for two to five years. We'll save you a seat in our MBA class when you're ready to come back to campus for your degree.
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Program overview.
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Rigorous, discipline-based research is the hallmark of the MIT Sloan PhD Program. The program is committed to educating scholars who will lead in their fields of research—those with outstanding intellectual skills who will carry forward productive research on the complex organizational, financial, and technological issues that characterize an increasingly competitive and challenging business world.
Learn more about the program, how to apply, and find answers to common questions.
Check out our event schedule, and learn when you can chat with us in person or online.
Visit this section to find important admissions deadlines, along with a link to our application.
Click here for answers to many of the most frequently asked questions.
PhD studies at MIT Sloan are intense and individual in nature, demanding a great deal of time, initiative, and discipline from every candidate. But the rewards of such rigor are tremendous: MIT Sloan PhD graduates go on to teach and conduct research at the world's most prestigious universities.
PhD Program curriculum at MIT Sloan is organized under the following three academic areas: Behavior & Policy Sciences; Economics, Finance & Accounting; and Management Science. Our nine research groups correspond with one of the academic areas, as noted below.
Behavioral & policy sciences.
Economic Sociology
Institute for Work & Employment Research
Organization Studies
Technological Innovation, Entrepreneurship & Strategic Management
Accounting
Information Technology
System Dynamics
Those interested in a PhD in Operations Research should visit the Operations Research Center .
Additional information including coursework and thesis requirements.
MIT Sloan is eager to provide a diverse group of talented students with early-career exposure to research techniques as well as support in considering research career paths.
The fourth annual Rising Scholars Conference on October 25 and 26 gathers diverse PhD students from across the country to present their research.
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The goal of the MIT Sloan PhD Program's admissions process is to select a small number of people who are most likely to successfully complete our rigorous and demanding program and then thrive in academic research careers. The admission selection process is highly competitive; we aim for a class size of nineteen students, admitted from a pool of hundreds of applicants.
MIT Sloan PhD Program Admissions Requirements Common Questions
Admissions for 2024 is closed. The next opportunity to apply will be for 2025 admission. The 2025 application will open in September 2024.
More information on program requirements and application components
Students in good academic standing in our program receive a funding package that includes tuition, medical insurance, and a fellowship stipend and/or TA/RA salary. We also provide a new laptop computer and a conference travel/research budget.
Funding Information
Throughout the year, we organize events that give you a chance to learn more about the program and determine if a PhD in Management is right for you.
Docnet recruiting forum at university of minnesota.
We will be joining the DocNet consortium for an overview of business academia and a recruitment fair at University of Minnesota, Carlson School of Management.
During this webinar, you will hear from the PhD Program team and have the chance to ask questions about the application and admissions process.
MIT Sloan PhD Program will be joining the DocNet consortium for an overview of business academia and a recruitment fair at Utah, David Eccles School of Business.
Complete PhD Admissions Event Calendar
Unlike formulaic approaches to training scholars, the PhD Program at MIT Sloan allows students to choose their own adventure and develop a unique scholarly identity. This can be daunting, but students are given a wide range of support along the way - most notably having access to world class faculty and coursework both at MIT and in the broader academic community around Boston.
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Profiles of our current students
MIT Sloan produces top-notch PhDs in management. Immersed in MIT Sloan's distinctive culture, upcoming graduates are poised to innovate in management research and education.
Doctoral candidates on the current academic market
Graduates of the MIT Sloan PhD Program are researching and teaching at top schools around the world.
view recent placements
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The PhD Program is integral to the research of MIT Sloan's world-class faculty. With a reputation as risk-takers who are unafraid to embrace the unconventional, they are engaged in exciting disciplinary and interdisciplinary research that often includes PhD students as key team members.
Research centers across MIT Sloan and MIT provide a rich setting for collaboration and exploration. In addition to exposure to the faculty, PhD students also learn from one another in a creative, supportive research community.
Throughout MIT Sloan's history, our professors have devised theories and fields of study that have had a profound impact on management theory and practice.
From Douglas McGregor's Theory X/Theory Y distinction to Nobel-recognized breakthroughs in finance by Franco Modigliani and in option pricing by Robert Merton and Myron Scholes, MIT Sloan's faculty have been unmatched innovators.
This legacy of innovative thinking and dedication to research impacts every faculty member and filters down to the students who work beside them.
“MIT Sloan PhD training is a transformative experience. The heart of the process is the student’s transition from being a consumer of knowledge to being a producer of knowledge. This involves learning to ask precise, tractable questions and addressing them with creativity and rigor. Hard work is required, but the reward is the incomparable exhilaration one feels from having solved a puzzle that had bedeviled the sharpest minds in the world!” -Ezra Zuckerman Sivan Alvin J. Siteman (1948) Professor of Entrepreneurship
Sample Dissertation Abstracts - These sample Dissertation Abstracts provide examples of the work that our students have chosen to study while in the MIT Sloan PhD Program.
We believe that our doctoral program is the heart of MIT Sloan's research community and that it develops some of the best management researchers in the world. At our annual Doctoral Research Forum, we celebrate the great research that our doctoral students do, and the research community that supports that development process.
The videos of their presentations below showcase the work of our students and will give you insight into the topics they choose to research in the program.
2024 PhD Doctoral Research Forum Winner - Gabriel Voelcker
Watch more MIT Sloan PhD Program Doctoral Forum Videos
Ask a question or register your interest
Meet our faculty.
Waqar Niyazi
Content Curator
Doctorate in Philosophy in Finance or simply PhD in Finance is a doctorate course that is offered by several top institutes or Universities in India .It is a research-oriented course that offers the candidates deeper insight to the concepts of finance and also enables them to undertake research in relevant fields.
The minimum time frame to complete the course is 3 years which can be extended up to and not more than 5 years.
In order to pursue a PhD in Finance, one must clear either of the entrance examinations held at the national and university level followed by several rounds of interviews. The candidates also need to pass their relevant masters degree with a minimum aggregate score of 55% or more. Some of the popular entrance tests for admission into PhD in Finance programs are UGC NET, GATE , NMIMS etc. The average course fee ranges between INR 2000 -INR 5,00,000
PhD Finance syllabus deals with the advanced study of Valuation of Shares, Privatization and Globalization, Meaning and definition of Business Environment, Cost and Management Accounting, Industrial Growth and Structural Changes, etc
Some of the top PhD Finance Colleges are IIT Madras,Indian Institute of Foreign Trade, New Delhi, and many more. IIMs offer doctoral programs under the name of Fellow Program in Management or commonly referred to as the FPM.
4.1 4.2 4.3 4.4 6.1 |
The following are the list of course highlights that the aspirants must keep in mind about opting for PhD in Finance
Course Level | Doctorate |
Full-form | Doctor of Philosophy in Finance |
Duration | 3 years |
Eligibility | Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks. |
Mode(s) of Education | Regular |
Admission Process | Entrance test |
Course Fee | INR 5,000- INR 5,00,000 |
Average Salary | INR 3 LPA - INR 8 LPA |
Job Positions | Stockbroker, Statistician, CFA, Credit Control Manager, Finance Manager, Corporate Banking Executive, etc. |
Top Recruiters | HCL, TATA Consultancy, Accenture, Genpact, Vodafone, Oracle, Accenture, Reliance, Bajaj, Airtel, etc. |
A PhD in Finance course can give you multiple career opportunities and will lead you to a bright and prosperous future. Those who wish to seek a job in the academic sector (i.e. lecturer or research fellow in b-school) absolutely need this degree.
Some of the main reasons as to why one should choose to pursue a PhD in Finance are as follows :
Students are admitted to PhD in Finance on the basis of entrance test score and their performance in the personal interview. Although the admission process for PhD in Finance is different for most of the universities, the candidates are expected to appear for the admission process which comprises Written Entrance Exam and Personal Interview.
Let us discuss the admission process in much more detail so that you can have a clear idea about the admission process.
The PhD in Finance candidates will have to fulfil the following eligibility criteria:
Note: applicants are advised to keep a tab on the university websites and newspapers for all the latest updates regarding admission.
Most universities offering PhD Finance in India, conduct an entrance test for admitting students to the course. Only those who successfully clear the entrance examination are later asked to appear for an interview.
Although a huge number of institutions in India offer admission into PhD through their own selection tests, most universities offer acceptance into the program through the GATE Entrance assessment and UGC NET. A few popular entrance tests for the PhD in Finance course are as follows:
UGC NET Exam : The National Eligibility Test (NET) is conducted twice a year. The examination is conducted in 84 subjects.
RMAT : AIMA and Aligarh Muslim University admit PhD students based on their performance in Research Management Aptitude Test (RMAT). AIMA has decided to conduct the exam in June end of this year.
SIU PET Exam : Symbiosis International University PET Exam is conducted for admission into the PhD programs offered by Symbiosis International University. The examination is held in June.
JNU PhD Entrance Exam : Jawaharlal Nehru University accepts the PhD students on the basis of the marks acquired by them in the entrance test. The examination is conducted in the month of June.
GTU PhD Entrance Exam : Gujarat Technological University (GTU) conducts an entrance test for admitting the PhD students. The application forms can be filled until July and the examination is held in August.
Exam Name | Registration Date | Exam Date |
---|---|---|
(December Session) | September , 2024 – October , 2024 | December , 2024 |
To be Announced | To be Announced | |
SIU PET | To be Announced | To be Announced |
JNUEE | To be Announced | To be Announced |
In order to score well in the entrance test, a candidate must prepare accordingly for the examination. Since a PhD is considered as the highest degree attestation, the applicants may need special educational training to crack the exam.
Here are a few points that you must keep in mind while you are preparing for the test.
Furthermore, those who wish to ace the test, must possess an in-depth knowledge of Finance and Accounting subjects.
Getting admission to a very good college isn’t a cakewalk and students must prepare well in advance in order to be selected. So, here are a few things that you must remember if you wish to get admitted to a good college -
Also, interested candidates must have an idea about the placement scenario and the facilities offered by the college to the students.
The course prepares its students about the challenges faced in multinational and MSME companies. A unit-wise breakdown of the course structure is mentioned below -
Thus, it's visible that the syllabus for the course includes topics that require the student to have a solid quantitative foundation, along with critical thinking, problem solving and communication abilities. The below-mentioned table lists the important books that cover advanced PhD in Finance topics -
Name of the Author | Book |
---|---|
Vaidya Nathan K. | Credit Risk Management for Indian Banks |
John H. Cochrane | Financial Markets and the Real Economy |
Robert Macintosh | Research Methods:Accounting & Finance |
John C. Hull | Options, Future & Other Derivatives |
Robert Mckinley | Managing Credit |
Andrew W. Lo | The Econometrics of Financial Markets |
ISB(Indian School of Business), just like the IIMs, offers an FPM course for those who wish to pursue PhD in Finance. Some of the top PhD in Finance institutes of India are mentioned below for your reference :
College Name | City | Average Total Fee |
---|---|---|
Mumbai | INR 24,000 | |
Chennai | INR 33,600 | |
Noida | INR 3,00,000 | |
New Delhi | INR 4,05,000 | |
Bhubaneshwar | INR 2,25,000 | |
Silchar | INR 1,05,600 | |
Ahmedabad | INR 1,50,00 | |
Visakhapatnam | INR 2,20,000 | |
Greater Noida | INR 63,333 | |
Bangalore | INR 4,50,000 |
The following are the table of comparison between the top PhD in Finance Colleges in India
College/ University Name | Shailesh J. Mehta School of Management, Mumbai | Department of Management Studies-IIT Madras | Indian Institute of Foreign Trade, New Delhi |
---|---|---|---|
Overview | SJMSOM is a part of IIT Mumbai and offers various management courses like Executive MBA, Management Development and PhD programs. | Known as one of the finest institutes in the country, it functions under IIT Madras. Apart from a PhD, DMS offers UG, PG as courses as well. | Indian Institute of Foreign Trade is another extremely popular educational institute of India and offers a huge variety of courses. |
Location | Mumbai | Chennai | New Delhi |
Collegedunia Ranking | 1 | 2 | 3 |
Average Fees | INR 24,000 | INR 33,600 | INR 4,05,000 |
Eligibility | Minimum 55% in post-graduation | Minimum 55% in post-graduation | Minimum 55% in post-graduation |
Admission Process | Entrance Test | Entrance Test | Entrance Test |
Average CTC | INR 25 LPA | INR 14 LPA | INR 18 LPA |
Top Recruiting Company | Amazon, IBM, Flipkart, Accenture, Wipro | HDFC Bank, Bank of America, Standard Chartered Bank, etc. | Amazon, Cognizant, SAP, HDFC Bank. |
Doctor of Philosophy in Finance has a variety of applications and converges with many areas of business like debt, expansion and supply chain. Whereas the need for a theoretical understanding and research in PhD in Accounting might be limited. A detailed analysis of the two courses is mentioned below in a tabulated format -
Parameters | PhD in Finance | PhD in Accountancy |
---|---|---|
Abbreviation | Doctor of Philosophy in Finance | Doctor of Philosophy in Accountancy |
Course Overview | Deals with the study of Accounting, Economics, Financial Management. | It mainly comprises aspects like operations in Accountancy and its related domains. |
Eligibility | Post-graduation in courses like Accountancy, Economics or Mathematics | M.Com. in Accountancy or M.Phil. in any such related disciplines |
Admission Process | Entrance Tests | Entrance Tests |
Average Fee | INR 2,000- INR 5,00,000 | INR 16,679 to INR 1,55,000 |
Average Salary | INR 4 LPA- 8 LPA | INR 7 LPA- 16 LPA |
Job Areas | Finance and Banking sectors, consultancies, colleges, universities, etc. | Banking and Finance sectors, academic sectors, management sectors, etc. |
Top Job Profiles | Stockbroker, Statistician, CFA, CA, Corporate Banking | Corporate Analyst, Financial Analyst, Investment Banker, Money Manager, etc. |
Finance PhD students are business minded and generally look for a more professional career. This can also include jobs in various finance companies. Some of the popular job profiles include Statistician, Stockbroker, Finance Manager, etc. The average annual salaries to which are somewhere between INR 4 LPA to INR 8 LPA.
Job Profile | Job Description | Average Annual Salary |
---|---|---|
Assistant Professor | Teaching Finance courses to junior-level (UG, PG, MBA) students. | INR 5,75,000 |
Professor | Usual work includes researching on ‘financial aspects’ of a society and teaching students. | INR 11,88,000 |
Stockbroker | Purchasing stocks and offering them to various retails and institutional customers by means of the stock exchange. | INR 3,25,000 |
Statistician | Deals with theoretical and applied statistics. | INR 3,68,671 |
Relationship Manager | A Relationship Manager works to maintain a good relationship with other competitors and clients. | INR 5,95,478 |
CFA | A CFA analyzes investments, stocks or companies. | INR 1,157,000 |
Financial Managers | Takes care of the financial health of the companies they work for and creates financial reports and plans. | INR 9,56,578 |
Ph.D in Finance students may look for jobs in both the private and public sectors including accountancy firms and banking sectors as well. After completion of the PhD in Finance course, the students may go for research work or take up jobs in various research labs or may teach at several colleges and universities. Few popular divisions include:
PhD in Finance grads have quite a prosperous future and although the initial salary of the candidates may seem less, their income will increase with experience. The students may also carry out further research in their respective fields.
Ques. Is an Economics & Finance PhD worth it?
Ans. PhD is considered as the final milestone in the Indian academic curriculum. In case someone wishes to pursue a career in academics or research, then a PhD in Finance or Economics is definitely worth it.
Ques. Which is the best university for a PhD in Finance?
Ans. Some of the best universities for Finance in India are:
Ques. How are job prospects for Finance PhDs?
Ans. PhD in Finance has both academic as well as industrial job prospects in India. As an academic professional, you can seek jobs in colleges and universities. You can also look for jobs in finance companies and banks.
Ques. What are the best universities for a PhD in Finance abroad?
Ans. Some of the top universities include MIT, Stanford, Chicago, Berkeley, and many more.
Ques. What is the most popular entrance test for a PhD Finance course?
Ans. UGC NET is considered as the most popular entrance test for the course. Some Universities have their own entrance tests as well.
Que. What should be the average annual salary for a PhD in Finance student?
Ans. The average salary is anything between 4 LPA- 8 LPA
Ques. What is the eligibility criteria for PhD Finance?
Ans. The minimum eligibility criteria to pursue the course require at least 55% marks in post-graduation in courses like Accountancy, Economics or Mathematics.
Ques. Which course is better: PhD in Finance or PhD in Economics?
Ans. Both the courses have completely different course curriculum and if you perform well, then both the courses can be equally prosperous for you.
Ques. What is the average tuition fee for a PhD Finance in India?
Ans. The average tuition fee is between INR 2,000 to INR 5,00,000
Ques. Is there any scope of Government jobs for the PhD in Finance students?
Ans. Yes, you can look for jobs in various government sectors. Government banks also employ a PhD in Finance students.
Ques. What are the popular job profiles for PhD in Finance students?
Ans. Popular job profiles for PhD Finance students include - Assistant Professor, Stockbroker, Statistician, Relationship Manager, CFA, Financial Manager.
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4 Reviews found
College events.
Talking about campus life brings back many memories associated with it. The cultural fest and academics were very important part of the college life. The competitions and conference gave good exposure to surrounding world.
Campus is very vast and secured with camera for safety. It has large library with thousands of books, magazines, news papers and national and international journals. It has nice canteen, playgrounds and common rooms.
the main reason was its free structure,the fees is very low for a good institute like ims, and the college diversity is also good,mba in finance open many things for you, the career aspects are good jobs like investment banking which pay a good amount are offered after mba,the location acdemics fees city everything was considerable
i felt the curriculum is bit outdated according to current scenerio requirement,teachers are good, but the college time is not that hectic,u get time for other activities too,industrial exposurue provided is not sufficient,must be more,classes time must be increased,faculties are good and experienced
I only applied to this college and due to my CAT score I was selected easily in the first round and I choose finance because that is at the top for placement and package is really good in that course and after taking admission I got to know that they have really big companies for placement and also have international connection. So you can get chance to work abroad
Yes, I did internship in L&T Infotech in finance department and there was no stipend but they provide you food and travel accommodation. The company like this comes every year to select students for the internship you just have to sit for the drive and give interviews if you get selected then you get chance to work with them
My physical classes still have to start but I have sen the campus It is a bit far away from the city, as we have to go to Naya Raipur and it is basically the outskirts of the city but the campus is worth watching All facilities of sports and wifi are provided that what the college authority has told me as I still have to go and experience myself
The advantage that I have observed here is that it keeps updating the curriculum and keep adding the industry-based knowledge that definitely helped us in terms of placement as well as in internships DR. RITU TAKSANDE madam of our college is the best faculty for the MANAGEMENT and the experience she has is almost 10 years
Ques. which is the best university for a phd in finance.
● Top Answer By Aditya Sengupta on 15 Apr 21
● Top Answer By Aryan Singh on 10 Jan 23
● Top Answer By Anshul Gupta on 21 Dec 22
M.phil. (management), ph.d. (business administration), ph.d. (marketing), ph.d. (human resource management), ph.d. (finance) colleges in india.
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Program offerings:, department for program:, director of graduate studies:, graduate program administrator:.
The interdisciplinary Bendheim Center for Finance offers a Master in Finance (M.Fin.) degree. The distinctive feature of Princeton’s M.Fin. program is its strong emphasis on financial and monetary economics, relying on analytical and computational methods. Graduates of this program will come away with fundamental quantitative tools of economic theory, probability, statistics, optimization, computer science, and machine learning. To a greater degree than at any time in the past, there now exists a body of knowledge that is essential for the proper analysis and management of financial securities, portfolios, and the financial decisions of the firms. A driving force behind these developments is a lively exchange of ideas between academia and the financial industry, a collaboration that is the closest parallel in the social sciences to the academic-private sector interactions routinely seen in engineering and the applied sciences.
The M.Fin. program is intended to prepare students for a wide range of careers both inside and outside the financial industry, including financial engineering and risk management, quantitative asset management, macroeconomic and financial forecasting, quantitative trading, and applied research.
The program does not require prior work experience. At a minimum, we expect applicants to have completed one or more internships (for instance over the summer while in college). The Bendheim Center provides comprehensive career assistance to students, including personalized on-campus recruiting with our corporate partners.
Our Manager of Career Development also works with students on an individual and group basis to provide support with interview preparation, internships, and job placement.
The curriculum is designed to be completed in four semesters. Admission letters will specify the expected program length. The program is designed to be taken on a full-time basis. Classes are taught during the day, and students take four or five courses per semester. All students are subject to an annual review of academic progress.
Princeton’s M.Fin. program draws upon the combined strength of a variety of departments, including the Departments of Computer Science, Economics, Operations Research and Financial Engineering, The Center for Statistics and Machine Learning, and others. Over the last several years, the program has expanded to include new courses in machine learning, fintech, data science, and entrepreneurship, to name a few.
The program has two major course components and a required summer internship between years one and two. First, there are required core courses in mathematical finance, economics, probability, statistics, and financial econometrics; all necessary for the study of finance at a sophisticated level and an integrated introduction to modern financial analysis, and second, an integrated introduction to modern financial analysis. Students can choose from a wide range of elective courses, drawn from many departments, to tailor the program to fit their own needs and interests. These courses permit a range of opportunities for specialization and in-depth study of topics of interest, along several coherent tracks. Finally, the required summer internship is meant to provide additional practical experience in addressing real-world finance issues.
Students can choose from three program tracks based on their interests and goals: (1) Quantitative Asset Management - Designing and evaluating financial products that help organizations manage risk-return trade-offs; (2) Data Science & Financial Technologies - Computer-based technologies and their increasingly important use of big data in finance; (3) Valuation & Macroeconomic Analysis - Strategic understanding of firm’s valuation and structural macroeconomic conditions, though it is not required.
Students completing the program in two years will have the opportunity to obtain the Graduate Certificate from the Center for Statistical and Machine Learning (CSML). Students who earn this certificate will have it appear on the transcript at graduation.
Three letters of recommendation are required, however, one may be from a current or former employer.
All applicants will be required to take a math assessment test. The test will take place on Saturday, December 28, 2024. Detailed information regarding the test will be forthcoming.
Program offering: m.fin..
The program requirements consist of five core and 11 elective courses. At least five of the elective courses must be at the 500 level or above, and five must be from list 1 (a list maintained by the director of graduate studies and available on the Bendheim Center's website).
Students must maintain an overall grade average of B or better, as well as earn a passing grade in all core and elective courses. Note: Neither audited nor P/D/F courses will fulfill the program’s requirements.
While no master’s thesis is required, students interested in independent research may work with a Bendheim Center-affiliated faculty member on a topic relevant to finance, and by enrolling in the appropriate courses (FIN 560 in the fall or FIN 561 in the spring). M.Fin students do not receive academic credit for either of these 2 courses towards their degree
Second-year students may serve as Assistants in Instruction (A.I.s) in courses or work as tutors, if they have completed the 5 core courses. Occasionally there is also a need for tutors for incoming first-year M.Fin. students. Tutors are required to spend a minimum of one hour per week with each tutee.
The director of graduate studies must approve individual second-year M.Fin. students to serve as tutors or as A.I.s., or graders.
Internship or Research Project All M.Fin. students are required to complete a summer internship between their first and second years by working at a financial firm. It is mandatory for incoming students to attend the Math Camp which is offered two weeks before classes start in the fall.
For a full list of faculty members and fellows please visit the department or program website.
Courses listed below are graduate-level courses that have been approved by the program’s faculty as well as the Curriculum Subcommittee of the Faculty Committee on the Graduate School as permanent course offerings. Permanent courses may be offered by the department or program on an ongoing basis, depending on curricular needs, scheduling requirements, and student interest. Not listed below are undergraduate courses and one-time-only graduate courses, which may be found for a specific term through the Registrar’s website. Also not listed are graduate-level independent reading and research courses, which may be approved by the Graduate School for individual students.
Eco 526 - corporate finance (also fin 526), eco 527 - financial modelling (also fin 527), fin 501 - asset pricing i: pricing models and derivatives (also orf 514), fin 502 - corporate finance and financial accounting, fin 515 - portfolio theory and asset management, fin 516 - topics in finance, fin 519 - corporate restructuring, mergers and acquisitions, fin 521 - fixed income, options and derivatives: models and applications, fin 522 - financial derivatives and currencies, fin 523 - forecasting and time series analysis, fin 560 - master's project i, fin 561 - master's project ii, fin 567 - institutional finance,trading and markets, fin 568 - behavioral finance, fin 580 - quantitative data analysis in finance, fin 581 - entrepreneurial finance, private equity and venture capital, fin 591 - financial risk management, fin 592 - asian capital markets, fin 593 - financial crises, fin 594 - chinese financial and monetary systems, orf 504 - financial econometrics (also fin 504), orf 505 - statistical analysis of financial data (also fin 505), orf 515 - asset pricing ii: stochastic calculus and advanced derivatives (also fin 503), orf 531 - computational finance in c++ (also fin 531), orf 535 - financial risk and wealth management (also fin 535), orf 545 - high frequency markets: models and data analysis (also fin 545), orf 574 - special topics in investment science (also fin 574).
Unlock financial insights: guide to pursuing a phd in finance management.
Offering College | Course | Website |
---|---|---|
Indian School of Business | ISB Leadership in AI | |
MIT xPRO | MIT Technology Leadership and Innovation | |
IIM Kozhikode | Senior Management Programme |
| |
| Doctorate in Philosophy in Finance Management |
| Finance |
| 3 Years |
| Rs.10,000 to Rs.50,000 |
| Should have completed a postgraduate programme in accounting, economics, or mathematics with a minimum grade point average of 55% |
| Doctorate |
| Entrance test |
| A corporate banking executive, a stockbroker, a statistician, a CFA, a manager of credit control, a manager of finance, etc. |
Rs.5 lakh to 8 lakh | |
| Accenture, Genpact, Vodafone, Oracle, Accenture, Reliance Industries, Bajaj, Airtel, HCL, TATA Consultancy, etc. |
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Offering an opportunity to delve into advanced and technical issues in the field of Finance and its related branches, a PhD in Finance concerns research areas such as valuation of financial instruments, topics in international finance, market volatility, trading mechanics, and so forth. It is generally undertaken after a Master of Finance or related degree programs in closely related disciplines and involves heavy portions of theoretical learning as well as practical and mathematical analysis. Doctoral scholars more often than not work in the capacities of a research assistant or scholar at research organizations and universities along with multinational asset and wealth management firms. Read on to know more about what a doctorate in finance entails and the top universities you should consider.
Study Level | Doctorate |
Course | PhD in Finance |
Duration | 3-5 years |
Eligibility | PG degree in Accountancy, Finance, Economics,or Mathematics Entrance Exam |
Admission Process | Minimum score in competitive exam Recommendation Letter |
Career Profiles | Statistician, Finance Manager, CFA, Stockbroker, Corporate Bank Executive, etc |
Average Salary | INR 14-15 Lakh |
Top Recruiter | Tata Consultancy, Accenture, Vodafone, Genpact, HCL, Oracle, etc |
Mode of Education | Regular and Distance |
The structure of a typical Doctoral degree, be it PhD in Finance or other programs generally run for around 3 to 7 years varying on the destination. The typical structure involves a variety of components so as to prepare a candidate for a solid research career in Finance .
The following are the reasons to pursue PhD in finance:
The following are the skills required for PhD in Finance:
Whether you are planning to apply for PhD in Finance in India or abroad, you will be required to fulfil certain prerequisites in order to be eligible for the course. Though the actual course requirements can differ from one university to another, here are the general eligibility requirements for PhD in Finance in India and abroad:
In order to get admission for PhD in Finance, you need to follow a crucial admission process. Here is the admission process you should follow:
Also Read: MBA in Finance
As stated above, to pursue PhD in Finance in India, candidates need to qualify entrance exams. Majority of the institutions in India provide admission in this course on the basis of GATE score or UGc NET score, what a few institutions also conduct a few entrance exams of their own.
Mentioned below are the popular PhD in finance entrance exams that one must target to pursue this course-
Candidates pursuing or aspiring to study a PhD in Finance can expect to study a range of core, specialised and elective subjects as per their research topic, objective and future research inclinations. These subjects belong to both in core areas of finance such as risk, decision making, financial instruments, economic analysis, information economics, bargaining, auctions, public finance, etc. More subjects perused in this degree are mentioned below.
International Macroeconomics And Finance | Asset Pricing | Behavioural Finance |
Statistical Analysis | Econometric Methods | Portfolio Choice |
Calculus | Corporate Governance | Options Pricing & Credit Risk |
Venture Capital | Corporate Finance | Market Design |
Empirical Methods in Finance | Financial Markets in the Macroeconomy |
There are several specializations in the field of Ph.D. for Finance that you can opt for. Here is a list of them with a brief on each:
Ph.D. in financial economics deals with the study of taxation, macroeconomics, attitude towards risks, and impact of information. It trains students in finance, economics, and quantitative learning.
Also Read: Financial Management
This field of Finance deals with mathematical and quantitative ways to create and disrupt financial practices. This field focuses on enhancing return and reducing risks in the market.
Ph.D. in Finance and Accounting directly focuses on the fundamental aspects of finance and accounting. It perfects you in financial management and understanding the monetary affairs of a nation.
Ph.D. in computational finance looks upon the modelling of financial markets, usage of computational intelligence in making financial decisions. This field takes you to become a portfolio manager, quantitative analyst, etc.
The program focuses on economics and its impact on finance. The specialization areas create a joint curriculum to focus on asset pricing, metrics, macroeconomics, and banking.
Ph.D. in banking and finance focuses on understanding the major section of the domestic and international banking sector through the view of finance and economics.
PhD in Accounting and Financial Management is usually a part of PhD in Business Administration. It is usually chosen for work in analytical, logical and time management. Some of the topics covered are Business Environment, Business Finances, Financial Management, etc.
The course is layered above a strong foundation of financial science in a logically coherent world. In qualifications, a Master’s in Science or a Masters’ in Financial Engineering (MFE) will gear you up towards new quantitative roles such as delivering risk models and trading directly, library control, model validation, risk management, and programming.
Must Read: Financial Engineering Courses
Here are some of the most interesting topics for thesis in PhD in Finance:
Here are some of the top universities in the world that offer PhD in Finance:
A Ph.D. in Finance from London School of Economics requires the following:
MIT offers a Ph.D. in Finance. While they mention the prerequisites, other instructions are mentioned during the application process:
Harvard offers a Ph.D. in Business Economics that includes Finance. The requirements for Ph.D. in Harvard are:
Stanford University has a specific requirement from their students for Ph.D. in Finance. You must fill their online application along with submitting the following documents:
Oxford University offers a D.Phil in Finance. The school expects intellectual people with good academic records. Here are the requirements:
The location of the institution plays a major role in the orientation of the PhD program as well as the career outlook and future prospects. Glance over the following list of universities providing PhD in Finance and its related fields which you must consider before making your decision.
| |||
USA | #3 | PhD in Finance | |
| USA | #1 | , Finance & Accounting PhD in Business-Finance |
USA | #10 | PhD in Business-Finance Joint PhD in Financial Economics | |
USA | #13 | PhD Finance | |
| USA | #27 | PhD in Business Administration- Finance |
USA | #22 | PhD in Finance & Economics | |
Canada | #34 | -Finance | |
USA | #50 | PhD in Business Administration- Finance | |
Australia | #33 | PhD in Actuarial Studies PhD in Decision, Risk and Financial Sciences PhD in Finance | |
| Canada | #47 | PhD Business Administration- Finance |
Note: The admission procedure of universities for a specific program may differ according to university policies and requirements. Students are advised to visit official university websites for further information.
Apart from these, here are the top universities offering PhD in Finance in India:
Being a multidisciplinary field, you can find employment opportunities as a researcher or a full-time role upon completing a PhD in Finance in government and private sectors, international organizations like World Bank , International Monetary Fund, World Trade Organisation, etc. Here are some popular profiles in which you can work:
PhD in Finance is a great career option as it offers several high-paying jobs. Here are some of the jobs and their respective salaries in the field:
Lecturer | INR 18 LPA |
Bank Manager | INR 10 LPA |
Economist | INR 8 LPA |
Quantitative Researcher | INR 26 LPA |
Senior Financial Analyst | INR 6.3 LPA |
As stated in the above mentioned section, it is vital for the candidates to have a thorough knowledge about the quantitative foundations of finance, thus, one shall aim at collecting study material that can help them with this. Mentioned below are some of the important books for this course-
The Econometrics of Financial Markets | Andrew W Lo |
Managing Credit | Robert Mckinley |
Options, Future and Other Derivatives | John C. Hull |
Research Methods: Accounting and Finance | Robert Macintosh |
Financial Markets and the Real Economy | John H. Cochrane |
Credit Risk Manager for Indian Banks | Vaidya Nathan K. |
A PhD in Finance can take anywhere between 3-7 years to complete. In the initial years, theoretical knowledge is provided through diverse subjects. In the culminating years, you will spend time in industrial projects.
Yes, you can pursue a PhD after an MBA in Finance. It is an excellent option, specially for those, who want to establish a career in Research or want to delve deeper into a particular domain of Finance.
1. Complete your Masters in Finance or a related discipline. 2. Obtain a good score in GMAT/GRE exam. 3. Obtain a minimum percentile in English proficiency tests like IELTS/TOEFL. 4. Write a Statement of Purpose. 5. Collect essential documents like transcripts, LORs, etc. 5. Apply to the university of your choice.
Pursuing a PhD in finance or in any other field of interest is a difficult decision to make, especially taking into account the number of years that you will be devoted to as well as the rigorous nature of the study. Take the assistance of Leverage Edu ’s AI-enabled tool which suggests course and university combinations based on your personalized skills and abilities and assist you in finding an ideal degree and institution to pursue your PhD from.
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Wharton's PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. The department prepares students for careers in research and teaching at the world's leading academic institutions, focusing on Asset Pricing and Portfolio ...
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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large. At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the ...
Curtis adds that the level of support a Ph.D. student receives from an academic advisor or faculty mentor can be a key factor in determining the length of time it takes to complete a Ph.D. program.
This is one of the best PhD in Finance programs you can do completely online. It aims to prepare students to address issues in business finance through research, best practices, and relevant literature. Courses: Managerial Finance, Investments & Derivatives, Business Valuation, etc. Credits: 60. Duration: 3 years average.
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D IN FINANCE - PROGRAM OF STUDY The PhD in Finance requires a minimum of eighteen graduate level courses, of which 6 at most can be transferred from relevant graduate cours. s at other schools or universities. Up to 4 courses per semester may be counted toward th. verall requirement of 18 courses. The 8 courses taken in the first year usually ...
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As a finance PhD student at Chicago Booth, you'll join a community that encourages you to think independently. Taking courses at Booth and in the university's Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions.
This course is an introduction to empirical methods commonly employed in finance. It provides the background for FNCE 934, Empirical Research in Finance. The course is organized around empirical papers with an emphasis on econometric methods. A heavy reliance will be placed on analysis of financial data. Prerequisites: FNCE 9110 AND STAT 5100 ...
The examination consists of two steps. Step 1: Students take an exam at the end of the second year in the program (late May). The exam covers all Finance Ph.D. classes taken during the first and the second year in the program. Whereas some of the questions will be specific and will test a particular topic, other questions will focus on broader ...
If you have questions about the Finance Ph.D. concentration area or about pursuing a Ph.D. in Finance, contact the Finance Ph.D. coordinator, Dr. David Javakhadze - [email protected]. Program Admissions 777 Glades Road, Boca Raton, FL 33431 phone: (561) 297-2561 fax: (561) 297-2179 email: [email protected] map: BU (86) 203.
The PhD Finance offers.taught modules allow you to broaden and deepen your knowledge of research methods as well as conducting your own research and developing professional skills. ... Duration Full-time - 3 years; part-time - 6 years ... 3 years; part-time - 6 years. Course Type Postgraduate, Doctoral research. Fees For 2024-2025 £4,778 ...
The Doctoral Program in Finance is made up of a 2-year Master of Commerce coursework program followed by a 3-year PhD. Generous scholarships are available for high achieving applicants, including full fee waivers and a stipend of AUD 37,000 per year (2024 RTP rate). Research conference travel funding of AUD$15,000 is available to all confirmed ...
FIN 705: Research Seminar in Finance. Students must also complete at least two graduate level courses in finance, management science, or economics. The courses chosen must be approved by the student's supervisory committee and Associate Dean, PhD Program and may not count toward the cognate discipline. Students may be asked by their PhD ...
The doctoral program in Accounting and Management, which falls under the PhD in Business Administration, focuses on understanding the role of information and measurement systems for: allocating resources among firms in the economy and between departments or divisions of individual firms; rewarding and monitoring the performance of managers; formulating, executing and evaluating strategy by ...
MIT Sloan PhD Program graduates lead in their fields and are teaching and producing research at the world's most prestigious universities. Rigorous, discipline-based research is the hallmark of the MIT Sloan PhD Program. The program is committed to educating scholars who will lead in their fields of research—those with outstanding ...
Gain the freedom to think creatively. A global reputation. Outstanding connections to world-leading financial institutions. 22 full-time finance faculty members. Just three of the reasons why exceptional scholars choose to study for a PhD at London Business School.
Doctor of Philosophy in Finance: Duration: 3 years: Eligibility: Completed post graduation in courses like Accountancy, Economics or Mathematics with minimum 55% marks. Mode(s) of Education: ... A few popular entrance tests for the PhD in Finance course are as follows: UGC NET Exam : The National Eligibility Test (NET) is conducted twice a year ...
To be eligible for the Ph.D. in Finance program offered by a number of institutions, students must have a master's degree in finance and complete the following criteria. A master's degree in finance ( M.Com. or MBA in Finance) from a recognised university is required. It is necessary to have a master's degree with a minimum of 50 per cent marks.
The interdisciplinary Bendheim Center for Finance offers a Master in Finance (M.Fin.) degree. The distinctive feature of Princeton's M.Fin. program is its strong emphasis on financial and monetary economics, relying on analytical and computational methods. Graduates of this program will come away with fundamental quantitative tools of ...
Course Stream: Finance: Course Duration: 3 Years: Course Fees: Rs.10,000 to Rs.50,000: ... The PhD in Finance Course accepts applications from candidates from the MBA Finance Stream as well. Additionally, the student must have earned at least a 55% in their post-graduation course. Candidates who are SC/ST/OBC/PwD receive a 5% mark reduction.
Course: PhD in Finance: Duration: 3-5 years: Eligibility: PG degree in Accountancy, Finance, Economics,or Mathematics Entrance Exam: Admission Process: ... How long does a PhD in Finance course last? A PhD in Finance can take anywhere between 3-7 years to complete. In the initial years, theoretical knowledge is provided through diverse subjects
The MPhil/PhD Programme is assessed by a written thesis and a viva including an external examiner, an internal examiner and a panel chair. For PhD study, students usually register for MPhil and undergo an internal transfer review after one year of research to determine their readiness for full PhD registration.