phd of finance salary

Jump to navigation

Search form

The Graduate School

• Faculty/Staff Resources
• Programs of Study Browse the list of MSU Colleges, Departments, and Programs
• Graduate Degree List Graduate degrees offered by Michigan State University
• Research Integrity Guidelines that recognize the rights and responsibilities of researchers
• Online Programs Find all relevant pre-application information for all of MSU’s online and hybrid degree and certificate programs
• Graduate Specializations A subdivision of a major for specialized study which is indicated after the major on official transcripts
• Graduate Certificates Non-degree-granting programs to expand student knowledge and understanding about a key topic
• Interdisciplinary Graduate Study Curricular and co-curricular opportunities for advanced study that crosses disciplinary boundaries
• Theses and Dissertations Doctoral and Plan A document submission process
• Policies and Procedures important documents relating to graduate students, mentoring, research, and teaching
• Academic Programs Catalog Listing of academic programs, policies and related information
• Traveling Scholar Doctoral students pursue studies at other BTAA institutions
• Apply Now Graduate Departments review applicants based on their criteria and recommends admission to the Office of Admissions
• International Applicants Application information specific to international students
• PhD Public Data Ph.D. Program Admissions, Enrollments, Completions, Time to Degree, and Placement Data
• Costs of Graduate School Tools to estimate costs involved with graduate education
• Recruitment Awards Opportunities for departments to utilize recruitment funding
• Readmission When enrollment is interrupted for three or more consecutive terms
• Assistantships More than 3,000 assistantships are available to qualified graduate students
• Fellowships Financial support to pursue graduate studies
• Research Support Find funding for your research
• Travel Funding Find funding to travel and present your research
• External Funding Find funding outside of MSU sources
• Workshops/Events Find opportunities provided by The Graduate School and others
• Research Opportunities and programs for Research at MSU
• Career Development Programs to help you get the career you want
• Graduate Educator Advancement and Teaching Resources, workshops, and development opportunities to advance your preparation in teaching
• Cohort Fellowship Programs Spartans are stronger together!
• The Edward A. Bouchet Graduate Honor Society (BGHS) A national network society for students who have traditionally been underrepresented
• Summer Research Opportunities Program (SROP) A gateway to graduate education at Big Ten Academic Alliance universities
• Alliances for Graduate Education and the Professoriate (AGEP) A community that supports retention, and graduation of underrepresented doctoral students
• Recruitment and Outreach Ongoing outreach activities by The Graduate School
• Diversity, Equity, and Inclusion Funding Funding resources to recruit diverse students
• Graduate Student Organizations MSU has over 900 registered student organizations
• Grad School Office of Well-Being Collaborates with graduate students in their pursuit of their advanced degree and a well-balanced life
• Housing and Living in MI MSU has an on and off-campus housing site to help find the perfect place to stay
• Mental Health Support MSU has several offices and systems to provide students with the mental health support that they need
• Spouse and Family Resources MSU recognizes that students with families have responsibilities that present challenges unique to this population
• Health Insurance Health insurance info for graduate student assistants and students in general at MSU
• Safety and Security MSU is committed to cultivating a safe and inclusive campus community characterized by a culture of safety and respect
• Why Mentoring Matters To Promote Inclusive Excellence in Graduate Education at MSU
• Guidelines Guidelines and tools intended to foster faculty-graduate student relationships
• Toolkit A set of resources for support units, faculty and graduate students
• Workshops Workshops covering important topics related to mentor professional development
• About the Graduate School We support graduate students in every program at MSU
• Strategic Plan Our Vision, Values, Mission, and Goals
• Social Media Connect with the Graduate School!
• History Advancing Graduate Education at MSU for over 25 years
• Staff Directory
• Driving Directions

PhD Salaries and Lifetime Earnings

PhDs employed across job sectors show impressive earning potential:

“…[T]here is strong evidence that advanced education levels continue to be associated with higher salaries. A study by the Georgetown Center on Education and the Workforce showed that across the fields examined, individuals with a graduate degree earned an average of 38.3% more than those with a bachelor’s degree in the same field. The expected lifetime earnings for someone without a high school degree is $973,000; with a high school diploma, $1.3 million; with a bachelor’s degree, $2.3 million; with a master’s degree, $2.7 million; and with a doctoral degree (excluding professional degrees), $3.3 million. Other data indicate that the overall unemployment rate for individuals who hold graduate degrees is far lower than for those who hold just an undergraduate degree.” - Pathways Through Graduate School and Into Careers , Council of Graduate Schools (CGS) and Educational Testing Service (ETS), pg. 3.

Average salaries by educational level and degree (data from the US Census Bureau, American Community Survey 2009-2011, courtesy of the Georgetown University Center on Education and the Workforce):

The Bureau of Labor and Statistics reports higher earnings and lower unemployment rates for doctoral degree holders in comparison to those with master’s and bachelor’s degrees:

According to national studies, more education translates not only to higher earnings, but also higher levels of job success and job satisfaction:

“Educational attainment – the number of years a person spends in school – strongly predicts adult earnings, and also predicts health and civic engagement. Moreover, individuals with higher levels of education appear to gain more knowledge and skills on the job than do those with lower levels of education and they are able, to some extent, to transfer what they learn across occupations.” - Education for Life and Work (2012), National Research Council of the National Academies, pg. 66.

• Call us: (517) 353-3220
• Contact Information
• Privacy Statement
• Site Accessibility
• Call MSU: (517) 355-1855
• Visit: msu.edu
• MSU is an affirmative-action, equal-opportunity employer.
• Notice of Nondiscrimination
• Spartans Will.
• © Michigan State University

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

The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

Read More:   The Highest Paying PhD Programs

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

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

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

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

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

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

PhD in Finance

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ 12 Best Laptops for Computer Science Students
• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ ACBSP Vs AACSB: Which Business Program Accreditations is Better?
• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ BA vs BS: What You Need to Know [2024 Guide]
• Lisa Marlin https://blog.thegradcafe.com/author/lisa-marlin/ The 19 Best MBA Scholarships to Apply for [2024-2025]

The 7 Best Student Planner Apps

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

• Grad Trends: Interest in Artificial Intelligence Surges

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

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

Tech Talent Crunch: Cities with More Jobs Than Workers

The Most Under-Rated Career Advancement Tip for 2024

Top 5 Best Psychology PhD Programs in 2024

Leave a Reply Cancel reply

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

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

Recent Posts

• Breaking Records: Yale Sees Most Selective Grad Admissions Season Yet
• 12 Best Laptops for Computer Science Students
• Is a Master’s Degree Worth It? [2024 Guide]

© 2023 TheGradCafe.com All rights reserved

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

About / Departments

Finance Department | PhD Program

Phd program.

Our faculty, ranked #1 worldwide based on publications in top finance journals (ASU Finance Rankings), consists of more than 30 researchers who study all major areas of finance, making it one of the largest finance faculty in the country. Stern’s finance faculty is highly rated in terms of research output, and faculty members sit on the editorial boards of all major finance journals.

The finance department offers an exceptionally large range of courses devoted exclusively to PhD students. Apart from core PhD courses in asset pricing and corporate finance, students can choose from a range of electives such as household finance, macro-finance, and financial intermediation. PhD students also enjoy the benefits of Stern’s economics department, NYU’s economics department in the Graduate School of Arts and Science (GSAS), and the Courant Institute of Mathematics.

Graduates of Stern’s Finance PhD program have been placed at leading research institutions such as Harvard, MIT, Chicago, Stanford, Wharton, Yale, and UCLA.

Holger Mueller , Finance PhD coordinator

More information on the Finance PhD

Download the Finance PhD poster (PDF)

Explore Stern PhD

• Meet with Us

• Concentrations
• Information Technology Management
• Operations Management
• Organizational Behavior
• Strategy and Innovation

A doctoral degree in finance qualifies you to pursue an academic career as a researcher and educator. An academic career provides not only tremendous intellectual freedom but makes it possible to work with bright people throughout your life. You can make a difference through the scholarly research you create, and the lives you shape through your teaching.

The starting salary for finance Ph.D. graduates’ often ranges from $180K to $250K, depending on placement, which is largely determined by performance in the doctoral program. Moreover, the job market for finance Ph.D.s has been strong, and in recent years more positions have been available than candidates pursuing jobs. It is not surprising that the position of a university professor is frequently ranked as one of the most desirable jobs in the world.

“I started my Ph.D. journey at Scheller because its distinguished faculty members are known as the top-tier researchers in my field, and my Scheller experience has far exceeded my expectations. Faculty generously share their expertise and offer robust support for my research work, cultivating a warm and encouraging academic environment. This vibrant research atmosphere provided an ideal backdrop for me to fully commit to my research pursuits.”

– Wendi Du Ph.D. '24 Ph.D. Candidate Finance

Why Finance?

A Ph.D. in finance provides a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics. Students build on this foundation and apply these tools to study frontier issues in asset pricing, corporate finance, financial institutions, international finance, and behavioral finance. We develop the cutting-edge ideas that mutual fund managers, investment bankers, and CEOs use to make their firms more productive.

Why at Georgia Tech?

Georgia Tech Scheller's Ph.D. program is strongly research-oriented and emphasizes the early involvement of our students in research projects with worldwide leading faculty. The finance group has a proven track record of teaching students the skills necessary to conduct original research. Our Ph.D. students have gone on to publish a number of papers in leading finance journals. The Ph.D. program will also help you sharpen your instruction skills as you teach during the final years of the program. Given the small size of the program, the tutorial-mentor model is the primary educational approach employed. Thus, doctoral students experience significant attention and support from a diverse set of world-class faculty.

How Do I Finance the Program?

If admitted to the program, we’ll pay you to go to school to get your degree! Your tuition will be waived and you will receive a monthly stipend.

Tuition and Financing 

“I learned various quantitative tools to gain a deeper understanding of financial institutions, corporate finance, and asset pricing, and my co-authored research was published in the Review of Finance. The Ph.D. program at Scheller has been a life-changing experience that has prepared me to pursue roles at the intersection of finance, economics, and programming.”

– Baridhi Malakar Ph.D. '23 Model Risk Analyst, Western Alliance Bank

Application Process

The application deadline is jan. 6 for admission the following fall semester (starting mid-august)., recent student placements.

• Bank of Korea
• Baruch College
• Emory University
• Florida International University
• Georgia State University
• Loyola University - Baltimore
• Loyola University - Chicago
• Rutgers University
• San Jose State University
• Singapore Management University
• University of Central Florida
• University of Connecticut
• University of Georgia
• University of Hawaii
• University of Rhode Island
• University of South Florida
• University of Texas, Dallas
• University of Wyoming

Recent Research Areas

• Monetary policy and financial markets
• Household finance
• Financial econometrics
• International capital markets and corporate finance
• Informational imperfections in capital markets and corporate financial policy, including dividend policy, capital structure theory, the capital acquisition process, corporate restructuring, and entrepreneurial finance
• Portfolio management and asset pricing
• Theory of financial intermediation and analysis of financial services
• Valuation of derivative securities and the expansion of derivative securities markets

Finance News

This website uses cookies. For more information review our Cookie Policy

• Youth Program
• Wharton Online

PhD Program

• Program of Study

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

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

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

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

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

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

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

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

More Information

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

PhD in Finance

Prepare for a distinguished scholarly career with a Gies PhD in Finance

Bring your interest in an academic career in finance to Gies, and you’ll leave prepared to teach and publish research at the top business schools. Our students complete a career path toward academia by entering this intellectually-stimulating environment and learning from the best in the field.

The research emphasis for our Finance PhD program is built on a close collaboration between faculty and students, stemming from the fact that we keep total enrollment around 15 students. During a typical week, the Finance Department hosts three seminars: two when faculty from other universities present research and the other when the Department’s PhD students and faculty present their work in progress. This lively research environment leads to active, intellectual discussions and is a major factor behind the Department’s prolific research output. Not only do we excel at research, but our faculty and doctoral students win more than their share of teaching awards.

Your success will stem from an academic program that first immerses the student in rigorous financial training. Small class sizes equate to close collaboration in the classroom. This consistently produces opportunities to co-author on leading-edge research published in the top finance and economics journals.

"With over 20 tenure-stream faculty specializing in a diverse set of fields and less than 15 PhD students, our program provides students with the opportunity to explore a range of research areas and receive personalized mentoring from faculty members. The collaborative and productive environment has helped our students to launch successful careers in research and teaching at the world’s leading academic institutions."

Jiekun Huang Director of the Finance PhD Program Professor of Finance and Vernon Zimmerman Faculty Fellow

Establish your expertise, learn to build research the right way

When you immerse yourself in PhD coursework for Finance , you will encounter a rigorous curriculum covering the core elements of finance, economics, and statistics. Delving further into aspects of finance, you will learn about asset pricing, investments, corporate finance, and financial intermediation. Additionally, you can choose from concentrations in real estate or insurance. By establishing your area of interest, you will build the knowledge necessary to form a future in research and teaching.

Designed for completion in four to five years, this program allows you to begin the research process as quickly as possible. Classroom instruction will lead you to confidently take on a qualifying exam at the end of your first year. Next, students pass a formal review of their second year paper. This leaves the remaining time available for you to truly delve into dissertation research.

As you build an expertise around the research you’re passionate about, interactions with our top faculty leave you prepared to express this newfound knowledge to a future classroom of your own students.

Research that begins here changes the world

At Gies, the resources are here for you to come into our Finance program and deliver groundbreaking research to the world. As you work closely with the Finance faculty , your research will benefit from our connections with top-tier journals, editorial boards, and leadership positions throughout academic societies.

PhD students have the opportunity to work alongside faculty like Mao Ye , Associate Professor of Finance, who are making a difference around the globe. Ye’s work will include investigation with the National Center for Supercomputing Applications to lay the groundwork for future public policy as it relates to cyber-traders in an era of big data. To spur this effort forward, Ye received a grant from the National Science Foundation awarding more than $400,000 over the next four years. As he progresses, the research will impact experts and policy-makers who need to understand the full spectrum of cyber-trading.

Make your mark at Gies, make a difference for future students

Completion of the PhD program in Finance puts you in a position to succeed in the world of academic research.

The vast majority of graduates choose a future in academics, and we are proud that they have landed careers with institutions including Boston College, Case Western Reserve University, London Business School, Michigan State University, the University of Amsterdam, the University of Notre Dame, and many more.

“High-quality doctoral coursework, weekly seminars by leading scholars, and easy access to world-renowned faculty members make the Illinois Finance PhD program truly great. Now that I’ve accepted a position with Southern Methodist University as an Assistant Professor of Finance, there is no doubt that my experience at Gies put me in position to capitalize on any opportunity.”

Ruidi Huang, Class of 2019

Gies News and Events

Alum shares ROI story from his Gies online MBA

Gies iMBA alumnus Rory Camangian recently was promoted from lead product marketing manager to principal of business strategy of AT&T Mass Markets’ Generative AI team.

Pairing Your Passion: From devoted fan to part of the team

Gies College of Business Master of Science in Management alum Jonathan Starks made the leap into the world of sports marketing as an Integrated Marketing Associate for the Chicago Bulls.

Dean Brown's Legacy Celebration

May 27: Memorial Day

First Day of Instruction, Summer Term 2

This website uses cookies to ensure the best user experience. Privacy & Cookies Notice Accept Cookies

Manage My Cookies

Manage Cookie Preferences

Confirm My Selections

• Dissertation Areas and Joint PhD Programs
• PhD Career Outcomes
• PhD Proposals and Defenses
• PhD Job Market Candidates
• PhD Research Community
• 100 Years of Pioneering Research
• Rising Scholars Conference
• Yiran Fan Memorial Conference
• Frequently Asked Questions
• PhD in Accounting
• PhD in Behavioral Science
• PhD in Econometrics and Statistics
• PhD in Micro-Economics

PhD in Finance

• PhD in Management Science and Operations Management
• PhD in Marketing
• Joint Program in Financial Economics
• Joint Program in Psychology and Business
• Joint PhD/JD Program

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Associate Professor of Finance and MV Advisors Faculty Fellow

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

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

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

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

Associate Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

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

Lubos Pastor

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

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

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

Robert W. Vishny

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

Michael Weber

Associate Professor of Finance

Constantine Yannelis

Associate Professor of Finance and FMC Faculty Scholar

Anthony Lee Zhang

Assistant Professor of Finance

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Alumni Success

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

Shohini Kundu, MBA '20, PhD '21

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

Jane (Jian) Li, PhD '21

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

Spotlight on Research

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

A Brief History of Finance and My Life at Chicago

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

Climate-Policy Pronouncements Boost 'Brown' Stocks

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

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

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

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

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

A Network of Support

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

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

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

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

Initiative on Global Markets Enhancing the understanding of business and financial market globalization, the IGM positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.

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

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

The PhD Experience at Booth

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

Video Transcript

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

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

Current Finance Students

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

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He Agustin Hurtado Young Soo Jang Piotr Langer Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue

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

Program Expectations and Requirements

The Stevens Program at 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!

FellowshipBard

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

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

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

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

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

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

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

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

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

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

What is expected job growth with PhD in Finance?

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

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

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

What can you do with a PhD in Finance?

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

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

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

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

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

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

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

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

What are the requirements for a PhD in Finance?

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

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

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

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

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

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

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

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

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

Looking For Scholarship Programs? Click here

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

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

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

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

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

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

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

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

Looking For Fully Funded PhD Programs? Click Here

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

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

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

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

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

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

What are the Best PhD in Finance Degree programs?

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

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

Get 3X More Success with Our Academic CV Templates!

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

Highest Paying Doctorate Degrees [2024 Guide]

We’ve identified the 25 highest paying doctorate degrees. Compare salaries and job prospects.

Completing a PhD may open up doors in terms of career advancement. Plus, it may not take as long as you think to complete if you enroll in the shortest doctoral programs .

Editorial Listing ShortCode:

The following list contains the highest paying doctorate degrees along with career outlook and job growth statistics.

25 Highest Paying Doctorate Degrees

All career statistics and salary data are provided by the U.S. Bureau of Labor Statistics .

Click on the area of study you’re interested in to jump to that section.

Aerospace Engineering

Chemical engineering, pharmacology, business administration, cybersecurity, electrical engineering, data science, biochemistry, information security assurance, biomedical engineering, information technology and computer science, occupational therapy, criminal justice, engineering, organic chemistry.

While all of these industries are growing, some provide better job prospects than others.

• Annual Median Salary (Bureau of Labor Statistics): $208,000
• Job Growth: 4%

One of the more specialized high paying doctorate programs is in immunology. Immunology is the study of disease prevention and immunity. Due to the specialized nature of the study here, jobs are typically well paid and much more specific.

A person who has studied immunology may be expected to work in research or academia but is also likely to land high-paying roles within the medical industry and at hospitals. The demand for this area of expertise is also rising faster than the average job growth, meaning there should be plenty of opportunities for graduates.

A PhD in immunology is a lot of hard work and is, therefore, suited to someone who already has considerable experience working in the medical industry. Those with an academic background in medicine should consider applying for an immunology program.

• Annual Median Salary (Bureau of Labor Statistics): $129,850
• Job Growth: 7%

Of the three main sciences, physics can be the one that is the most fruitful for taking a doctorate. People who take a PhD in physics are likely to land themselves a position as either a researcher or a professor.

There are also several other high paying positions that are possible for someone who takes this career path, including more specialized roles or becoming lead physicists and consultants.

Physics is also one of the job markets that is predicted to see a considerable amount of growth for the next 10 years. Pursuing a physics doctorate can be perfect for someone who already has experience in physics or someone who already has either a bachelor’s or master’s degree in the subject combined with some practical experience.

• Annual Median Salary (Bureau of Labor Statistics): $118,610
• Job Growth: 3%

Aerospace engineering is a field that would likely attract those who already have a background in either science or engineering. It is one of the fastest growing industries in the world, and demand for jobs is expected to increase as the years roll by. So the length it takes to get a PhD should be taken into consideration so you can quickly enter this field during its booming growth.

The doctorate focuses on the engineering of various different types of spacecraft and can be incredibly demanding. According to the Bureau of Labor Statistics, the salary potential for this field is as high as $171,220.

• Annual Median Salary (Bureau of Labor Statistics): $110,860

Math may not be the glamorous subject to study at doctorate level, but it can open up a wide range of potentially lucrative career options.

Math can allow students to work in various sectors of the economy and business, and they may also work in research or as a math lecturer or professor at a top university.

• Annual Median Salary (Bureau of Labor Statistics): $109,760
• Job Growth: 5%

Taking a doctorate in management can be a logical step in the career of someone who has a history of working in business, project management, or the economy as well as several other sectors.

Earning this doctorate can open up chief executive roles within companies and roles like chief operations officer and supply chain management. It may also lead to regional and national management roles.

• Annual Median Salary (Bureau of Labor Statistics): $108,540

Another engineering-based field that presents doctorate students with some big money career options is chemical engineering. The field combines a number of different disciplines, including all of the sciences, math, and statistics, as well as engineering.

It is a complex doctorate to take, but the rewards may be worth the effort, with the Bureau of Labor Statistics showing salaries up to $168,960 available in this field.

• Annual Median Salary (Bureau of Labor Statistics): $108,350
• Job Growth: 14%

One of the most popular PhDs to take is in economics. Economics is a social science that studies and theories about the production and consumption of goods and the effect that this has on society and the economy.

Taking a PhD in economics may open up a lot of doors. Working in the financial sector is usually lucrative, and a doctorate in economics can help give you an edge over competitors in what is a notoriously feisty industry. Top earners can make around $198,230 per year.

Economics analysis is a skill that is highly sought after, especially in the medical, legal, and education sectors.

While on the face of it, some people may believe that studying economics leaves you consigned to an office for the majority of your working life, the reality is that it can open up a lot of doors in a lot of different sectors. It may also provide you with a lot of travel opportunities and chances to meet new people.

A doctorate in economics may be perfect for someone who already has some experience in the field or for someone who has studied economics, math, finance, or business to a higher level and wants to take the next step in their academic and professional career.

• Annual Median Salary (Bureau of Labor Statistics): $107,270
• Job Growth: 6%

Pharmacology is big business these days, and taking a doctorate in the subject may lead to some lucrative opportunities. It is expected that someone who wants to study pharmacology will have a background in the subject with a master’s degree being heavily preferred.

There are a lot of pre-requisites for getting onto a pharmacology doctorate program, but the Bureau of Labor Statistics is showing salaries going as high as $164,980.

• Annual Median Salary (Bureau of Labor Statistics): $103,650

Getting a doctorate in business administration can open up a lot of doors. Students who end up taking their doctorate in business administration often end up working as leading and chief executives as well as entrepreneurs and financial advisors.

According to the Bureau of Labor Statistics, salaries for someone with a doctorate in this field can be as high as $208,000. It can be ideal for someone who has a background in business or economics who wants to take the next step in their career.

• Annual Median Salary (Bureau of Labor Statistics): $103,590
• Job Growth: 31%

As the world of IT continues to grow, so does the demand for more and more cybersecurity. The field is one of the fastest-growing in the world, and getting a doctorate in the subject may land you a range of different high paying jobs.

According to the Bureau of Labor Statistics, roles like IT managers can offer doctorates a salary of up to $208,000. This sector is also constantly growing, and as such, the demand and the salaries should continue to grow as time passes.

• Annual Median Salary (Bureau of Labor Statistics): $100,830

When it comes to job demand, electrical engineering is one of the safest career paths to go down. Electrical engineering has a huge impact on our day-to-day lives.

Most of our day-to-day electrical appliances exist as a result of electrical engineering, and taking a doctorate in the field may open the door to some pretty lucrative research and project management positions. It is advised that someone who takes a PhD in electrical engineering already have practical experience in the field.

• Annual Median Salary (Bureau of Labor Statistics): $98,490

A doctorate in education can open up a lot of different career options in that sector. A lot of doctors of education end up working in either research or in top positions at schools as principals and superintendents.

According to the Bureau of Labor Statistics, the average salary for someone working in education administration with a doctorate is around the $199,400 mark. A number of doctor of education programs do not require a dissertation .

• Annual Median Salary (Bureau of Labor Statistics): $98,230

Data is quickly becoming the most valuable commodity on the planet, and as such, the demand for data specialists and researchers is growing at an impressive rate.

Data science doctorates offer a gateway into these positions, and they usually come with some pretty high salaries. According to the U.S. Bureau of Labor Statistics, salary for a data scientist can go as high as $165,230, and with this field ever-expanding, the demand for these positions should continue to increase.

• Annual Median Salary (Bureau of Labor Statistics): $94,270

Biochemists study the chemical and physical makeup of living organisms. Due to the specialized nature of the subject, research positions in this sector typically pay incredibly well.

According to the Bureau of Labor Statistics, biochemist doctorates can start out at around $67,710 but can increase up to $169,860 or more. This doctorate may suit someone with a background in chemistry or some other science discipline.

• Annual Median Salary (Bureau of Labor Statistics): $92,870

Information assurance is a new discipline that has been created as a result of the times we live in. Information assurance is effectively another type of cybersecurity that is designed to protect people’s data from third parties and other potentially dangerous sources.

A background in any sort of computer or data-related field can be ideal for getting onto an information assurance course. Due to the increasing demand for data protection, jobs in this sector can be particularly lucrative, and the demand for these jobs is expected to increase as time rolls on.

The demand for experts in this industry is very high and is only predicted to grow over the next decade.

• Annual Median Salary (Bureau of Labor Statistics): $92,620

Biomedical engineering is becoming an incredibly popular field of research. It is an ever-growing and developing industry, and as such, the demand for expertise in the area is on the rise.

Getting a PhD in biomedical engineering is likely to secure you a lucrative research job for a university or a job in a hospital or the medical industry. According to the Bureau of Labor Statistics, an average salary in this field for a senior position ranges from $127,980 to $169,860.

• Annual Median Salary (Bureau of Labor Statistics): $92,270
• Job Growth: 35%

Statistics is one of the most versatile doctorates available today. Statistics are used in a wide range of different sectors, including finance, research, business, health care, government, and many others.

A doctorate in statistics can be ideal for someone who has a background in math or business. According to the Bureau of Labor Statistics, the top salary for someone working in statistics can be as high as $150,840.

• Annual Median Salary (Bureau of Labor Statistics): $91,250
• Job Growth: 11%

The world of IT is constantly growing, and as it does, the demand for experts grows with it. Getting a doctorate in information technology and computer science can be an incredibly lucrative career move, with the Bureau of Labor Statistics showing top earners taking home as high as $208,00.

The jobs that can be accessed, such as chief technology officers or research roles within the industry, tend to be incredibly well-paid. This doctorate attracts people who have backgrounds in IT-related fields, such as computer science or computer programming.

• Annual Median Salary (Bureau of Labor Statistics): $86,280
• Job Growth: 16%

For someone who already has experience working in occupational therapy, earning a doctorate in the field can be a huge benefit. Not only can it open the door for them to move up in the industry, but it can also expand their knowledge of the subject area.

It can provide them with theory-based research while also working on their leadership and management skills. According to the Bureau of Labor Statistics, occupational therapists holding a doctorate degree may reach a salary as high as $122,670.

The job growth for this doctorate is also incredibly high, which means it may be an excellent career path to enter in terms of job security.

• Annual Median Salary (Bureau of Labor Statistics): $86,110

The number of career options that are available to someone who has a doctorate in criminal justice is typically vast. Working as a criminologist, a criminal justice researcher, or a federal law agency admin can earn graduates a lot of money.

This course of study is best suited for someone who already has real-world experience working in the criminal justice or law sector.

• Annual Median Salary (Bureau of Labor Statistics): $83,160

Engineering jobs are almost always in demand, and while there are a lot of high paying jobs available for those who have an undergraduate or master’s degree, taking a doctorate in the field can really help you advance your career.

An engineering degree is already one of the highest paying associate degrees , highest paying bachelor degrees , as well as one of the highest paying masters degrees , but the doctorate can be perfect for someone who already has experience working in engineering and wants to take that next step in their career.

A director of engineering job title and other project management positions may offer some very high salaries, about $208,000 or more, according to the Bureau of Labor Statistics.

• Annual Median Salary (Bureau of Labor Statistics): $82,180

With the stigma around mental health finally disappearing, the demand for jobs in psychology is on the rise. While a normal degree or masters in psychology may allow you to get jobs as a psychiatrist or a psychologist, higher-paying positions can become available following a doctorate.

It may also open up roles in research and as a university lecturer in the subject. The doctorate is suited to someone who already has their masters in psychology or who has a significant amount of experience working in the field.

• Annual Median Salary (Bureau of Labor Statistics): $80,790
• Job Growth: 9%

Getting a degree in philosophy can potentially lead to a surprisingly lucrative career in research or working as a lecturer. The doctorate is suited for someone who wants to work in research and who has a background in philosophy or religious studies.

According to the Bureau of Labor Statistics, salaries in this field are around $80,790 per year working in a research role, and up to $180,360 for college professors.

• Annual Median Salary (Bureau of Labor Statistics): $79,300

Organic chemistry, perhaps more than any of the other sciences, can open up a lot of different career options for doctorates. As well as research and academic positions, someone who studies organic chemistry may be able to land a job in a number of different areas, including geology, the pharmaceutical industry, and engineering.

Organic chemistry is a notoriously difficult subject to study, though, so it is vital that you have a solid background in chemistry and some work experience before attempting to join the program. According to the Bureau of Labor Statistics, salaries can go as high as $139,650 in this field.

• Annual Median Salary (Bureau of Labor Statistics): $69,000
• Job Growth: 2%

A doctorate in English can open a range of different academic doors for potential students. A PhD in English may be perfect for someone who already has an academic background in the subject and can also be perfect for qualified teachers and writers looking to take the next step in their career.

According to the Bureau of Labor Statistics, a doctorate in English may qualify you for a potential career in a lecturing position with salaries as high as $180,360, as well as positions within the publishing industry.

What Are the Different Types of Doctorate Degrees?

There are six common types of terminal degrees.

• Doctor of Philosophy (Ph.D.) – Traditionally reserved for those who want to remain in the world of academia, Ph.D. degrees focus on maximizing your ability to impart this advanced knowledge to incoming students. Outside of teaching, Ph.D. candidates also focus on pushing the limits of research and theoretical study within their chosen fields.
• Doctor of Business Administration (DBA) – The DBA experience is all about turning your terminal research in the areas of finance, marketing, accounting, and other related fields into applicable real-world skills. DBA graduates traditionally work in the corporate sector as executive officers and other ranking members of various managerial teams.
• Doctor of Psychology (PsyD) – PsyD students aim to provide clinical services within a wide range of settings, including group, familial, medical, scholastic, and even corporate environments. Earning this degree can give you the power to serve as a practicing clinician or specialized counselor.
• Doctor of Education (EdD) – Capturing an EdD degree is the first step toward a leadership role within the corporate and administrative side of the education field. Working as a principal, district supervisor, or even regional superintendent all fit into the professional path of this degree.
• Doctor of Social Work (DSW) – If you’re interested in educating others on the best practices and leading theories of modern social work and community interaction, then a DSW program could be your option. Holders of this degree research and educate others in the social work field via hands-on training in the classroom and the office, as well as provide answers and guidance in unique or exceptional social issue cases.
• Doctor of Public Health (DPH) – Like most of the other degrees in this review, earning a DPH is all about the desire to lead others in a chosen workplace environment. In this case, that means maintaining residency as an administrator or public health coordinator at a hospital or a similar clinical setting.

The type of doctorate degree you will want to earn depends on your career goals and primarily whether you want to teach the subject or continue working in your field.

Campus or Online: Which One Is Right for You?

It’s no big secret that whichever doctorate route you choose, you will most likely be rewarded for your hard work and research via ample compensation. However, you can make this process a little easier on yourself by focusing on a path – either online or on-campus – that suits your unique needs and daily requirements.

While the appeal of the traditional college experience is the major selling point for the on-campus approach, working on your degree from home is a flexible alternative that can shape and mold itself to your current personal and professional schedule by allowing you to work on your research and coursework at your own pace.

Adding in that these doctorate programs often waive Graduate Record Examination (GRE) minimum scores based on your GPA, as well as reduce or completely remove residency requirements, is further proof that this approach is at least worth your consideration as you plan out your academic future.

Questions Related to Earning a Doctorate

Here are our answers to a few more questions you might have.

How Much Do PhD Graduates Earn?

PhD Graduates make on average close to $100,000, with some job positions paying nearer the $70,000 mark and others going well about $208,000 (Bureau of Labor Statistics).

There may be some who question whether it is worth taking the time to invest in a PhD. Doctorate programs require a lot of time and effort, but studies suggest that PhD students typically earn more and find it easier to attract higher-paying jobs than those with just an undergraduate or a master’s degree.

What Are the Highest Paying Degrees?

A lot of degrees can lead to well-paying jobs. The more specialized a degree is in a certain field, the higher the chances are that it will be well paying. These degrees currently tend to be those in the engineering sector, as these are the ones that offer the most in-demand jobs.

What Is the Highest Paying PhD Degrees?

Once again, this one will depend on how specialized your PhD is and how in-demand that expertise is at a given time. Engineering PhDs tend to be evergreen, while there is an increasing demand for those with PhDs and knowledge in computer science and other IT related subjects.

PhDs usually provide those who have them with a lot of the highest paying jobs opportunities.

Are There Any Degrees Higher than a PhD?

No, there are no higher degrees than a PhD.

A PhD, also regularly referred to as just a doctorate, is as high as you can go academically. It is a specialized research doctorate that demonstrates a high level of expertise in a field. Most people who obtain their PhD tend to stay on at universities as either a member of a research team or as a lecturer.

Do you need a masters to get a PhD ? While many PhD programs require you to earn a masters first, it is possible to earn your PhD without having earned a masters. These are the direct entry bachelor’s to PhD programs offered by some universities.

Getting Your Doctorate Degree

It is important that you take the time to do your research into what doctorate will help your career the most. Once you have done this, you can begin to find the right university and program for you and begin the next step in your academic and professional career.

Now that you understand your career prospects and doctorate opportunities, it’s time to lay out the blueprint for a successful future.

Outside of conducting research on each of the areas that interest you, feel free to use the search tool below to find accredited universities that offer online doctoral programs in your chosen field.

When paired up with the rest of what you’ve learned here, there’s nothing that can stop you from finding the right school – and program of study – to fit your personal and professional goals moving forward.

• Search Search Please fill out this field.
• Career Advice

Quants: The Rocket Scientists of Wall Street

Quantitative analysts are professionals who understand the complex mathematical models that price financial securities and are able to enhance them to generate profits and reduce risk. As financial securities have become increasingly complex, demand has grown steadily for quantitative analysts , often called simply "quants," or even the colloquially affectionate "quant geeks."

Because of the challenging nature of the work—which needs to blend mathematics, finance, and computer skills effectively—quant analysts are in great demand and able to command very high salaries. Here's a look at what they do, where they work, how much they earn, and what knowledge is required, to help you decide whether this may be the career for you. 

Key Takeaways

• Quantitative analysts, or quants, combine their skills in finance, math, and computer software to analyze and predict the markets, creating complex models that can be used to price and trade securities.
• They tend to work in investment banks and for hedge funds, although insurance companies, commercial banks, and financial software and information providers may also hire them.
• Quants work in major financial centers in the U.S. and in London and Asia, among other places across the globe.
• Firms often look for candidates who have a master's degree or a Ph.D. in a quantitative subject, such as mathematics, economics, finance, or statistics.
• Compensation can be in the low-to-middle six figures.

What Do Quantitative Analysts Do?

Quantitative analysts design and implement complex models that allow financial firms to price and trade securities. They are employed primarily by investment banks and hedge funds , but sometimes also by commercial banks, insurance companies, and management consultancies; in addition to financial software and information providers.

Quants who work directly with traders , providing them with pricing or trading tools, are often referred to as " front-office " quants. In the " back office ," quants validate the models, conduct research, and create new trading strategies . For banks and insurance companies, the work is focused more on risk management than trading strategies. Front-office positions are typically more stressful and demanding but are better compensated.

The high demand for quants is driven by multiple trends:

• The rapid growth of hedge funds and automated trading systems
• The increasing complexity of both liquid and illiquid securities
• The need to give traders, accountants, and sales reps access to pricing and risk models
• The ongoing search for market-neutral investment strategies  

Where Do Quant Analysts Work?

Quantitative analyst positions are found almost exclusively in major financial centers with trading operations . In the United States, that would be New York and Chicago, and areas where hedge funds tend to cluster, such as Boston, Massachusetts and Stamford, Connecticut.   Across the Atlantic, London dominates; in Asia, many quants are working in Hong Kong, Singapore, Tokyo, and Sydney, among other regional financial centers.

Despite the heavy concentration in those cities, quants are found all over the world—after all, many global firms analyze and/or trade complex securities, which creates demand for the quant's brainpower and abilities. But the problem that a quant working in Houston or San Francisco faces is that changing employers most likely would mean changing cities, whereas a quant working in Manhattan should be able to interview for and find a job within a mile or two of their previous one. 

What Do Quants Earn?

Compensation in the field of finance tends to be very high, and quantitative analysis follows this trend. It is not uncommon to find positions with posted salaries of $250,000 or more, and when you add in bonuses, a quant could earn $500,000+ per year. As with most careers, the key to landing the high-paying jobs is a resume filled with experience, including with well-known employers, as well as reliance on recruiting firms and professional networking for opportunities. 

The highest-paid positions are with hedge funds or other trading firms, and part of the compensation depends on the firm's earnings, also known as the profit and loss (P&L) . At the other end of the pay scale, an entry-level quant position may earn only $125,000 or $150,000, but this type of position provides a fast learning curve and plenty of room for future growth in both responsibilities and salary.

Also, some of the lower-paid quant positions likely would be primarily quant developers, which is more of a software-development position where the individual is not required to have as much math and financial expertise. An excellent quant developer could certainly earn $250,000, but that's about as high as the compensation package generally would go.

Despite the high pay level, some quants do complain that they are "second-class citizens" on Wall Street and don't earn the multimillion-dollar salaries that top hedge fund managers or investment bankers command. As you can see, financial success is always relative.

Estimated total pay of a quantitative analyst in the U.S. Google is among the 10 highest paying companies for a quant, offering an annual salary of $279,284.

Quants Skills and Education

Financial knowledge.

Many financial securities, such as options and convertibles , are easy to understand conceptually but are very difficult to model precisely. Because of this hidden complexity, the skills most valued in a quant are those related to mathematics and computation rather than finance. It is a quant's ability to structure a complex problem that makes them valuable, not their specific knowledge of a company or market.

A quant should understand the following mathematical concepts:

• Calculus (including differential, integral, and stochastic)
• Linear algebra and differential equations
• Probability and statistics

Key financial topics include:

• Portfolio theory
• Equity and interest rate derivatives , including exotics
• Credit-risk products

Some quants will specialize in specific products, such as commodities , foreign exchange (Forex) or asset-backed securities .

Computer Competency

Software skills are also critical to job performance. C++ is typically used for high-frequency trading applications, and offline statistical analysis would be performed in MATLAB, SAS, S-PLUS or a similar package. Pricing knowledge may also be embedded in trading tools created with Java, .NET or VBA , and are often integrated with Excel. Monte Carlo techniques are essential. A majority of the work is also realized in Python, as scripting-type languages are good for running lots of data and multiple scenarios.

Education and Certifications

Most firms look for at least a master's degree or preferably a Ph.D. in a quantitative subject, such as mathematics, economics, finance, or statistics. Master's degrees in financial engineering or computational finance are also effective entry points for quant careers. Generally, an MBA is not enough by itself to obtain a quant position, unless the applicant also has a very strong mathematical or computational skill set in addition to some solid experience in the real world. 

While most financial certifications, such as the Chartered Financial Analyst (CFA) designation likely wouldn't add much value to a prospective quant's resume, one that may is the Certificate in Quantitative Finance (CQF) —which you may earn globally via distance learning in a six-month intensive program.

The Right Career for You?

Clearly, you need to have "the right stuff" to be a quantitative analyst. It requires both the intellectual ability to master complex and abstract mathematical domains and a willingness to tackle challenges that can seem insurmountable—all while under considerable pressure—which only a select few can do.

But that also doesn't mean that everyone who has the ability to be a quant should become one. The financial problems that quants face are very abstract and narrow. Unlike fundamental or qualitative analysts , quants don't read annual reports , meet with management, visit operations, prepare roadshows, or talk to shareholders . Most of their time is spent working with computer code and numbers on a screen.

Individuals with strong analytical skills are valuable in many different areas of finance, such as economic and financial analysis , for example. Having to compete against the best and brightest quants every single day may not be the quickest path through the ranks, especially for those with broader skills and interests and a desire to manage.

Another career issue to consider is that many Ph.D. quants who come from academic environments find they miss the research environment. Instead of being able to study a problem for several months, when supporting a trading desk you need to find solutions in days or hours. This usually precludes making any breakthroughs in the field. 

Do Quants Get Paid Well?

Yes, quants tend to command high salaries, in part because they are in demand. Hedges funds and other trading firms generally offer the highest compensation. Entry-level positions may earn only $125,000 or $150,000, but there is usually room for future growth in both responsibilities and salary.

How Hard Is Quant Finance?

It take advanced-level skills in finance, math, and computer programming to get into quantitative trading , and the competition for a first job can be fierce. Once someone has landed a job, it then requires long working hours, innovation, and comfort with risk to succeed.

Do You Need a Ph.D. to Be a Quant?

Having a Ph.D. in a subject like math, finance, economics or statistics can be a definite plus for anyone wanting to become a quant. But a master's degree in computational finance or financial engineering can also be the ticket to a career as a quantitative analyst.

The Bottom Line

Success in quantitative analysis is largely based on knowledge, talent, merit, and dedication instead of the ability to sell, network, or play politics. The quants who work in the field are there because they can do the job well—an environment that many find remarkably refreshing—and they are justly rewarded for their work.

Bureau of Labor Statistics. " Financial Analysts ."

Open Quant. " The Various Types of Quants and Quant Employers ."

Bureau of Labor Statistics. " Financial Analysts: Work Environment ."

Glassdoor. " Quantitative Analyst Salaries ."

Bureau of Labor Statistics. " Financial Analysts: Pay ."

Glassdoor. " How Much Does a Quantitative Analyst Make? "

Duke University Career Center. " Quantitative Analysis ."

Bureau of Labor Statistics. " Financial Analysts: How to Become One ."

Certificate in Quantitative Finance. " Who Is It For? "

• Terms of Service
• Editorial Policy
• Privacy Policy
• Your Privacy Choices