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The 10 Best PhD Programs in Finance

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

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

Read on to learn everything you need to know.

Table of Contents

Why Get a Doctorate in Finance?

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

Jobs and Salaries for Doctors of Finance

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

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

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

Read More:   The Highest Paying PhD Programs

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

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

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

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

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

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

PhD in Finance

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

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

The University of Pennsylvania, The Wharton School

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

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

The University of Chicago, Booth School of Business

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

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

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

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

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

Massachusetts Institute of Technology, Sloan School of Management

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

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

Northwestern University, Kellogg School of Management

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

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

The University of California Berkeley, Haas School of Business

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

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

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

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

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

Liberty University, School of Business

Doctor of Business Administration (DBA) in Finance

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

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

Northcentral University

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

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

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

Things To Consider When Choosing a Finance PhD Program

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

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

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

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

Preparing for a Finance Doctorate Program

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

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

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

Skills You Gain from Earning a PhD in Finance

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

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

PhD Programs in Finance FAQs

How long does a phd in finance take.

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

Is It Worth Getting a PhD in Finance?

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

How Much Can You Make With a PhD in Finance?

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

What Do You Need To Get a PhD in Finance?

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

To apply, you’ll usually need to submit:

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

Final Thoughts

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

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

Lisa Marlin

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

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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.

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Phd in finance salary in the united states.

How much does a Phd In Finance make in the United States? The salary range for a Phd In Finance job is from $94,566 to $125,196 per year in the United States. Click on the filter to check out Phd In Finance job salaries by hourly, weekly, biweekly, semimonthly, monthly, and yearly.

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What Should I Pay?

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How much do similar professions get paid in the united states, how much should you be earning, what does a phd in finance do.

The PhD program in Finance at ISCTE is a rigorous program designed to train students to produce high-quality research.

PhD Finance programs cover all areas of finance, often including such topics of study as corporate finance, asset pricing, investments, insurance, security prices, corporate governance, and the management and regulation of financial institutions, to name a few.

A PhD in finance provides a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The PhD in Business Administration (PhD-BA), Concentration in Finance allows students to advance to the highest levels of business education.

There are many universities located all over the world that offer PhD Finance programs, each providing a unique local focus within a global perspective of finance.

Moreover, the job market for finance PhDs has been strong, and in recent years more positions have been available than candidates pursuing jobs.

Graduates holding a PhD Finance degree often go on to careers in Universities, consulting, and other careers in the financial services industry.

View Job Skills and Competency Data for more than 15,000 Job Titles, 18 Industries, and 26 Job Families.

Most Common Benefits for Phd In Finance

Related companies for phd in finance in the united states, frequently asked questions, do i receive fair pay as a phd in finance currently, what are the responsibilities of a phd in finance, how much do similar jobs to phd in finance make.

• Psychologist Phd
• Phd Chemist
• Phd Engineer
• Phd Scientist
• Phd Biology
• Phd Engineering
• Phd Neuroscience
• Phd Physics
• Phd Researcher

Where can I get a higher Phd In Finance salary in the United States?

What is the phd in finance's salary range in the united states, career insights.

• 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.

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• Apply to Wharton
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• 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.

Finance Concentration Overview

Narayan Jayaraman, Thomas R. Williams- Wells Fargo Professor of Finance, gives an overview of the Finance concentration within the Scheller Ph.D. program.

“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

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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.

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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.

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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.

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The field of finance covers the economics of claims on resources. Financial economists study the valuation of these claims, the markets in which they are traded, and their use by individuals, corporations, and the society at large.

At Stanford GSB, finance faculty and doctoral students study a wide spectrum of financial topics, including the pricing and valuation of assets, the behavior of financial markets, and the structure and financial decision-making of firms and financial intermediaries.

Investigation of issues arising in these areas is pursued both through the development of theoretical models and through the empirical testing of those models. The PhD Program is designed to give students a good understanding of the methods used in theoretical modeling and empirical testing.

Preparation and Qualifications

All students are required to have, or to obtain during their first year, mathematical skills at the level of one year of calculus and one course each in linear algebra and matrix theory, theory of probability, and statistical inference.

Students are expected to have familiarity with programming and data analysis using tools and software such as MATLAB, Stata, R, Python, or Julia, or to correct any deficiencies before enrolling at Stanford.

The PhD program in finance involves a great deal of very hard work, and there is keen competition for admission. For both these reasons, the faculty is selective in offering admission. Prospective applicants must have an aptitude for quantitative work and be at ease in handling formal models. A strong background in economics and college-level mathematics is desirable.

It is particularly important to realize that a PhD in finance is not a higher-level MBA, but an advanced, academically oriented degree in financial economics, with a reflective and analytical, rather than operational, viewpoint.

Faculty in Finance

Anat r. admati, juliane begenau, jonathan b. berk, michael blank, greg buchak, antonio coppola, darrell duffie, steven grenadier, benjamin hébert, arvind krishnamurthy, hanno lustig, matteo maggiori, paul pfleiderer, joshua d. rauh, claudia robles-garcia, ilya a. strebulaev, vikrant vig, jeffrey zwiebel, emeriti faculty, robert l. joss, george g.c. parker, myron s. scholes, william f. sharpe, kenneth j. singleton, james c. van horne, recent publications in finance, monetary tightening and u.s. bank fragility in 2023: mark-to-market losses and uninsured depositor runs, trading stocks builds financial confidence and compresses the gender gap, expectations and the neutrality of interest rates, recent insights by stanford business, a “grumpy economist” weighs in on inflation’s causes — and its cures, the surprising economic upside to money in u.s. politics, your summer 2024 podcast playlist.

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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)

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PhD in Finance

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

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

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

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

Our Distinguished Finance Faculty

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

Francesca Bastianello

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

Emanuele Colonnelli

Professor of Finance and Entrepreneurship

George M. Constantinides

Leo Melamed Professor of Finance

Douglas W. Diamond

Merton H. Miller Distinguished Service Professor of Finance

Eugene F. Fama

Robert R. McCormick Distinguished Service Professor of Finance

Niels Gormsen

Neubauer Family Associate Professor of Finance and Fama Faculty Fellow

Lars Hansen

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

John C. Heaton

Joseph L. Gidwitz Professor of Finance

Steven Neil Kaplan

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

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance

Ralph S.J. Koijen

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

Professor of Finance and Fama Faculty Fellow

Stefan Nagel

Fama Family Distinguished Service Professor of Finance

Scott Nelson

Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar

Pascal Noel

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

Lubos Pastor

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

Raghuram G. Rajan

Katherine Dusak Miller Distinguished Service Professor of Finance

Bruce Lindsay Distinguished Service Professor of Economics and Public Policy

Quentin Vandeweyer

Assistant Professor of Finance and Fama Faculty Fellow

Pietro Veronesi

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

Robert W. Vishny

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

Michael Weber

Associate Professor of Finance

Anthony Lee Zhang

Luigi Zingales

Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance

Professor of Economics and Finance

Alumni Success

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

Shohini Kundu, MBA '20, PhD '21

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

Jane (Jian) Li, PhD '21

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

Spotlight on Research

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

A Brief History of Finance and My Life at Chicago

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

Climate-Policy Pronouncements Boost 'Brown' Stocks

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

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

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

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

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

A Network of Support

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

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

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

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

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

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

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

The PhD Experience at Booth

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

Video Transcript

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

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

Current Finance Students

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

Current Students

Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi  Huan (Bianca) He 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 Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.

Download the 2023-2024 Guidebook!

PhD in Finance Degree Guide: Jobs and Salary Expectations with a Doctorate in Finance

Finance is a complicated subject to master, and many financiers and investment bankers treat the field as if it is as much art as science. Everybody knows someone in the office who has a set of lucky cufflinks they only wear on days they plan to sign a big deal, or just ahead of a critical Beige Book release.

But the thing about numbers is that they always add up in the end. And if you are someone who has a burning desire to follow the equations all the way to the roots, to truly understand the ebb and flow of capital markets, then a PhD in finance or a related discipline can equip you with the knowledge and skills to make it happen.

PhD Options for a Career in Finance and Banking

Selecting the right school for your phd in finance, is accreditation important when considering a doctorate in finance, what a doctorate can do for your career prospects and paychecks.

• PhDs in Financial Planning Vs Finance and Banking

Although doctoral degrees have traditionally gone to students focused on entering the research and teaching side of finance, that pattern is changing with the importance of high-speed trading and the development of increasingly complex derivative investments. Today, a PhD doesn’t relegate you to a dusty office teaching undergrads; it can also be the ticket to some of the hottest and most cutting-edge positions open on the Street.

Most doctoral degrees are oriented toward preparing graduates to engage in research and teaching. You will typically be required to complete some direct teaching experience as part of the program. But some degrees will also equip you with the right skills and theory to find high-paying positions outside academia as well, in positions where applied research and analysis are breaking new ground in investing.

Some of the different types of PhDs to consider for either career path include:

Finance – A PhD in finance focuses heavily on the theoretical background of macroeconomics, financial markets and institutions, and asset pricing and portfolio management. You will learn about banking and monetary systems, and how they interact with corporate controls and capital formation, as well as how they are shaping and being shaped by markets.

Economics – Economics doctorates dive into both micro and macroeconomics and econometrics, studying the psychological and behavioral factors that go into the global economy. You’ll probably study international trade and finance along with specific economic markets such as energy, resources, or information.

Business – A doctorate in business focuses on traditional aspects of business organization and management, including HR, accounting, information systems, and operational systems. These come in two flavors, the academically-oriented PhD, and the applied DBA (Doctor of Business Administration).

Financial Engineering – A PhD in financial engineering will lean toward the mathematical and stochastic underpinnings of modern financial markets, and how they may be analyzed and incorporated into pricing and investment management. These doctorates typically require a significant grounding in statistics and mathematics and dive right into the deep end with probability forecasting, econometrics, and computational finance.

Hard Sciences – It’s also possible to aim for a career in finance and banking today by earning a PhD in a hard science such as mathematics, computer science, or statistics. Some doctoral programs in these areas already have focus areas in financial applications, but all can be tailored to provide you with the right sort of analytical tools and information processing techniques to add value to financial services firms and investment banks.

You may also find degrees that combine the subject above, such as PhDs in Finance and Economics. The nature of doctoral study is such that there is considerable room for designing your own curriculum and tailoring your studies to your individual goals, in conjunction with your faculty and advisors.

Doctoral programs may last between four and eight years. You will be expected to develop a thesis and defend it before a committee of faculty. You will probably undertake a period of study and research to back up your thesis, and you may also be involved in faculty research projects. It’s not unusual to begin publishing during your studies, as well, building your reputation in the field.

Different universities have different strengths in various financial studies areas. A university with a strong and traditionally respected business school may offer the best opportunities for economics and business PhDs, while a school that is better known for advanced computational studies and sciences may be a better choice for financial engineering or hard science doctorates.

The best choices are schools that have departments that are strong in both areas, with highly respected business schools alongside groundbreaking scientific programs, such as MIT, Stanford, or Columbia.

In either case, you will want to look closely at the faculty and resources available in the department running the program. Since doctorates are heavily dependent on research, finding a program that has close ties to Wall Street or a deep history of ground-breaking research in your area of study is important. It’s also worthwhile looking at current faculty research projects to see if the interests of professors will line up with and support your own studies.

Accreditation is an absolute must for schools that award doctoral degrees. Having a third-party assessment of a university conducted by a CHEA (Council for Higher Education Accreditation) and the Department of Education recognized accreditor is paramount in establishing their quality and ability to deliver the highest educational experience.

With some degrees, particularly those in business, you should also look further to find a program that has been accredited by one of the three CHEA-recognized specialty accreditors for business and accounting:

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

Many finance and economics doctorates are also awarded by business schools, but not all. In those cases, and for programs in mathematics or other hard sciences, a specialty accreditation is not crucial, but it is worth checking to see if the university business school holds one, since you may also take courses offered under their auspices.

PhDs have enjoyed a certain resurgence on the street with the advent of high-speed, quantitative trading in the markets, though. Suddenly, the formulas that govern market behavior became a matter not for leisurely next-day analysis, but a necessary component of high-speed algorithmic trading systems that could make—or lose—billions in seconds.

Quants are the queen bees in many investment firms today, and that means they get the royal honey: top dollar paychecks that reflect their value to the firm.

According to the U.S. Bureau of Labor Statistics, here are the salary ranges for a few high-level finance jobs:

Management Analysts

• Median – $84,940
• Top 10% – $119,250
• Lowest 10% – $49,700

Financial and Investment Analysts, Financial Risk Specialists, and Financial Specialists

• Annual Average – $94,160
• Top 10% – $154,310
• Lowest 10% – $47,230

If these numbers leave you wanting more, fear not – they do not include commissions, bonuses, stock options and all the other incentive programs that made you want to gain a deeper understanding of the machinations and magic behind the world of finance in the first place

That kind of compensation isn’t always consistent year over year, but when the bulls run, you can expect bonuses alone to exceed your base salary.

Salary ranges for academics can be better than most people assume as well. In 2018, an analysis by Poets and Quants revealed that even assistant professors at top-name business schools can bring in more than $200,000 annually, with fully tenured staff coming in at mid six-figures. Although it’s a long road to follow, there’s definitely a pot of gold at the end.

PhDs in Financial Planning vs. Finance and Banking

A doctorate in financial planning covers many of the same subjects as advanced studies in finance, but from a slightly different angle. As a newer field of study, with fewer programs available, financial planning is oriented primarily toward the investigation of investment principles used in a larger scope than simply investing. They will cover topics like:

• Estate planning
• Educational planning
• Retirement and estate planning, including structuring wills, trusts, and other protective constructs
• Tax planning

A financial planning doctorate may include the required educational component for a Certified Financial Planner (CFP) credential from the CFP Board as well, a set of nine specific courses in the topics that underline the fiduciary responsibility planners owe to their clients.

Although few PhDs actually work in the trenches as planners or traders, that perspective may be the most salient difference between the two career paths in general.

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Earning A Finance Degree: Everything You Need To Know Before You Enroll

Updated: Jan 1, 2024, 3:37pm

The finance sector is a crucial part of the global economy since money is central to every business transaction. Most positions in the finance industry require traditional college degrees and great math and analytical skills. If you match this description, a finance career might suit you.

Read on to discover the various types of finance degrees, certifications and career opportunities in this field.

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What Are the Different Types of Finance Degrees?

Multiple degree levels are available to aspiring finance students. Education level plays a large role in finance career opportunities, so learners should consider their career goals when deciding which degree to pursue.

Associate in Finance

An associate degree is the minimum academic requirement for venturing into finance. You can earn an associate after completing a two-year program at an accredited college or university.

To be admitted into an associate program, you typically need to be at least 18 years old and hold a high school diploma or GED certificate. Most applicants must meet a minimum GPA standard as well, though GPA thresholds vary among schools.

An associate program in finance focuses on the fundamentals of finance, including:

• Principles of banking and finance
• Risk management
• Financial accounting
• Cash management
• Financial analysis

Most associate programs require learners to complete 60 credits. Average tuition fees cost around $3,564 per academic year at public colleges and $18,480 at private institutions, according to the National Center for Education Statistics (NCES).

With an associate degree in finance , you can work as a bookkeeper , financial clerk, credit analyst, mortgage broker or loan officer.

Bachelor’s in Finance

A bachelor’s degree is the minimum academic requirement for most finance careers. This program typically involves four years of full-time study and 120 credits.

Finance majors learn all aspects of finance that apply to real-world jobs, including statistics, accounting principles, stock market fundamentals, risk management, corporate finance and financial services.

According to the NCES, the average annual tuition for a bachelor’s degree at a public university is about $9,600, or $37,220 at a private, nonprofit institution.

Master’s in Finance

These two-year degree programs often lead to either a Master of Finance (M.Fin.) or an M.S. in finance, depending on the institution.

A master’s degree in finance prepares graduate students for advanced careers in finance . The curriculum covers managerial accounting, quantitative methods, investment analysis, financial modeling and managerial economics.

A master’s degree in finance builds a deeper understanding of financial markets and models, but it doesn’t cover other aspects of business. Students who want a more comprehensive business education might consider an M.B.A. program with a concentration in finance.

It takes 30 to 60 credits to obtain a master’s degree at most universities. The NCES reports that average graduate tuition and fees cost around $11,500 per year at public institutions and $20,000 per year at private schools.

Doctorate in Finance

A doctorate is the highest academic qualification attainable by a finance professional. Doctoral students can pursue either a doctor of business administration (D.B.A.) with a concentration in finance or a Ph.D. in finance.

Finance doctoral programs cover asset pricing, advanced statistics, econometrics, advanced accounting theory, financial management and strategy. D.B.A. programs emphasize applied research over theoretical research, meaning students focus on applying theory rather than developing or expanding theory. Ph.D. programs, on the other hand, hone in on the development and extension of finance theory. Ph.D. degrees serve learners aiming to work in academia.

At the end of a doctoral program, each degree candidate defends an original academic dissertation. Doctoral programs entail about 60 to 120 credits, which may take four to seven years to complete.

Careers in Finance

Finance degrees may qualify graduates for a variety of positions in the finance field.

We sourced the below salary data from the U.S. Bureau of Labor Statistics (BLS).

Accountant or Auditor

Median Annual Salary: $78,000 Projected Job Growth (2022-2032): +4% Education Needed: Bachelor’s degree in accounting or finance, a certified public accountant (CPA) license can be a necessary or helpful certification for some positions Job Description: Accountants and auditors prepare and analyze financial documents. They also file tax returns. Another crucial part of their job is helping clients identify and mitigate potential risks by recommending better ways to channel revenue.

Budget Analyst

Median Annual Salary: $82,260 Projected Job Growth (2022-2032): +3% Education Needed: Business administration bachelor’s or a degree in finance, accounting or a related field; Certified Government Financial Manager (CGFM)® credential required to work in some sectors Job Description: Budget analysts help private and public institutions plan their finances. They review funding requests and conduct cost-benefit analyses to evaluate program tradeoffs and explore alternative funding methods. These professionals collaborate with project managers to develop balanced budgets and monitor organizational spending.

Financial Analyst

Median Annual Salary: $96,2200 Projected Job Growth (2022-2032): +8% Education Needed: Bachelor’s degree in finance, economics or accounting; Chartered Financial Analyst (CFA)® certification; M.B.A. often preferred Job Description: Financial analysts study financial data and economic trends to identify investment opportunities and predict business outcomes. These professionals work closely with accounting teams to ensure accurate financial reporting. Check out our guide on how to become a financial analyst .

Financial Examiner

Median Annual Salary: $82,210 Projected Job Growth (2022-2032): +20% Education Needed: Bachelor’s degree in finance, accounting or another business-related field Job Description: These professionals monitor financial institutions to ensure legal compliance. They review and authenticate financial records, evaluate the risk level of loans and monitor lending activity to ensure fair treatment of borrowers.

Market Research Analyst

Median Annual Salary: $68,230 Projected Job Growth (2022-2032): +13% Education Needed: Bachelor’s degree in statistics, marketing, economics or finance Job Description: Market research analysts help companies understand what products/services people want and at what price. They arrive at precise conclusions after gathering data on consumers and competitors, monitoring market trends and analyzing data using statistical software.

Certifications for Finance Professionals

Certified financial planner (cfp)®.

This designation is administered by the Certified Financial Planner Board of Standards, Inc. (CFP Board). The CFP credential demonstrates your expertise in all areas of financial management, including retirement, investing, taxes, education and insurance planning.

To obtain this certification, you must:

• Possess a bachelor’s degree (or higher).
• Complete a list of courses stipulated by the issuing body.
• Pass the CFP certification exam.
• Have at least three years of professional experience.
• Adhere to the CFP Board of Standards’ code of conduct.

Popular careers for CFPs include budget analyst, financial advisor, financial analyst and accountant.

Chartered Financial Analyst (CFA)®

Most finance professionals qualify for CFA designation after earning a bachelor’s degree, gaining three years of work experience and completing an exam administered by the CFA Institute . The exam covers ethical and professional standards, tools, portfolio management and analysis and assets.

CFA charter holders can work as chief investment officers, auditors, credit analysts, portfolio managers, investment bankers and financial analysts.

Chartered Financial Consultant® (ChFC®)

The ChFC designation, administered by The American College of Financial Services , validates your understanding of key areas of financial knowledge, including estate, tax, insurance, asset protection and employee benefits planning. Eligible candidates must have a high school diploma and three years of business experience.

This certification enables candidates to work as financial planners, financial consultants and tax advisors.

Certified Public Accountant (CPA)

The CPA license is issued by the Association of International Certified Professional Accountants to qualified accountants according to standards set by each U.S. state’s board of accountancy. CPA requirements vary among states but in most cases include a bachelor’s degree in finance or accounting, 150 semester hours of education, professional experience requirements and the Uniform CPA Examination®.

CPAs must also adhere to a professional code of conduct.

Financial Risk Manager (FRM)®

The FRM is globally recognized as the leading designation for financial risk professionals . It is offered by the Global Association of Risk Professionals .

The FRM credential certifies the holder’s expertise in quantitative analysis, risk management and financial markets. To qualify for this designation, candidates must have two years of full-time work experience in financial risk management and pass a two-part exam. An FRM can work as a risk/compliance officer, derivatives trader, quantitative business analyst, actuary or financial manager.

Frequently Asked Questions (FAQs) About Finance Degrees

What are the different degrees in finance.

Aspiring finance professionals can pursue finance degrees at the associate, bachelor’s, master’s and doctoral levels.

What are five careers that fall under finance?

Accountants, budget analysts, financial analysts, financial examiners and market research analysts all work in finance.

Do finance degrees pay well?

Yes. The Bureau of Labor Statistics lists the annual mean wage for financial occupations as $86,080, which is significantly higher than the national mean wage of $61,900 per year.

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In five years of writing for various audiences, Uche has learned to simplify career-focused content for ambitious learners regardless of their qualifications. Her work is published in notable platforms such as Hackernoon and Hashnode.

Research Voyage

Research Tips and Infromation

Unlocking PhD Salaries and Opportunities

The pursuit of a PhD represents a pinnacle of academic achievement, epitomizing years of rigorous study, research, and expertise in a specific field. For many, this educational journey is a labour of love, driven by a passion for knowledge and a desire to contribute to the global pool of understanding. However, as one nears the end of this formidable academic odyssey, questions about what lies beyond the ivory tower become increasingly pertinent.

Among the myriad concerns that occupy the mind of a PhD candidate nearing graduation, one that often looms large is the financial aspect. What can one expect in terms of compensation and career opportunities after investing so much in education and research? Understanding the salary landscape for PhD holders is crucial not only for financial planning but also for making informed decisions about the direction of one’s career.

PhD salaries encompass a wide spectrum of earnings based on fields, regions, and industry choices. In academia, postdocs start at around $40,000 while tenured professors can earn $90,000 and above. Private sector salaries often range from $70,000 to well over $150,000, influenced by specialization and experience.

In this article, we delve into the multifaceted world of post-PhD salaries, exploring the diverse factors that influence earnings. From the impact of one’s field of study and geographic location to the varying opportunities within academia, private industry, and public sectors, we aim to provide insights that can assist both current PhD candidates and those navigating their early careers post-doctorate.

Join us on this exploration as we unravel the intricacies of salary expectations for those who have achieved the esteemed PhD, shedding light on the possibilities that await beyond the academic threshold. Through comprehensive analysis and a global perspective, we endeavour to empower individuals to navigate their professional journey with clarity and confidence.

Introduction

How different fields influence phd salary expectations:, how cost of living and job demand in specific regions impact salaries:, variations in phd salary based on working in academia, private sector, government, or non-profit organizations:, typical salary range for postdocs in various fields:, salary expectations for entry-level faculty positions:, salaries increase with experience and tenure:, phd salary ranges in private companies related to different fields of study:, potential salaries in public service or non-profit organizations:, comparing salaries in different countries and regions for phd holders:.

• International Factors Affect PhD Salary - Exchange Rates and Cost of Living:

Salary Comparison Table for PhD Holders

Importance of networking for better job opportunities and salaries:, encouraging ongoing skill development to stay competitive in the job market:, advice on negotiating salaries and benefits effectively:.

• Before We Conclude....

Embarking on the path of a PhD is a significant intellectual and academic commitment, representing a scholarly voyage of deep exploration and expertise acquisition in a specialized area of knowledge. It is a journey marked by tireless research, critical analysis, and the creation of original contributions to the academic community. Graduating with a PhD is a hallmark moment, but it also raises important questions about the practical implications of this significant achievement.

Take, for instance, Dr. Sarah, who recently completed her PhD in Environmental Science. After years of devoted research on sustainable agricultural practices, climate change, and environmental policy, she now finds herself standing at the crossroads of academic and professional life. Like many PhD holders, Sarah is eager to apply her expertise and make a tangible difference in her field, but she is also keenly aware of the financial considerations that come with this next step.

This article seeks to address the crucial and often intricate matter of post-PhD salaries. It aims to unravel the enigma surrounding the financial aspect of life after the doctorate, a subject that is of paramount importance to those who have invested years in pursuit of advanced education. The purpose here is to shed light on the salary expectations that individuals with a PhD can anticipate across various sectors, fields of study, and global locations.

Just like Sarah, countless PhD graduates stand on the verge of a new phase in their careers. Understanding the earning potential, salary ranges, and factors that influence compensation is instrumental in making informed decisions. This article endeavours to provide a comprehensive guide, offering insights into the diverse avenues available for Ph.D. holders, and empowering them to navigate the professional landscape with foresight and financial prudence.

Factors Influencing PhD Salary

The field of study significantly impacts post-PhD salaries. For instance, a PhD holder in Computer Science might find higher-paying opportunities compared to someone in Sociology. This is due to the demand for specific skill sets and expertise in the job market. Let’s consider Dr. Alex, a PhD holder in Artificial Intelligence. As the tech industry continues to expand rapidly, professionals with expertise in AI are in high demand, often commanding lucrative salaries in both academia and the private sector.

Geographical location plays a pivotal role in determining PhD salaries. The cost of living, job demand, and regional economic conditions all influence compensation levels. For example, Dr. Emily, a PhD holder in Economics, might find higher-paying opportunities in urban centres like New York City or London due to the higher cost of living and increased demand for economists in financial hubs.

The industry or sector in which a PhD graduate works also heavily impacts their salary. Those in academia, while contributing to knowledge and education, may generally have different salary expectations compared to their counterparts in the private sector. For instance, Dr. Michael, with a PhD in Business Administration, may choose to work in a corporate role, often leading to higher remuneration and additional benefits compared to a position in a non-profit organization focused on social impact.

PhD Salaries in Academia

Postdoctoral positions are a common starting point for many PhD holders aiming for an academic career. Salaries can vary based on the field and location. For example, Dr. Ahmed, who completed his PhD in Biology and secured a postdoc position at a research institution, can expect a salary range of approximately $40,000 to $60,000 per year. However, in specialized fields like biomedical research, postdocs may earn higher, sometimes up to $70,000 annually.

As a PhD graduate progresses to an assistant professor position, the salary range increases. For instance, Dr. Sarah, who recently transitioned to an assistant professor role in Psychology at a reputable university, could expect a salary between $60,000 to $90,000 annually. This range may vary based on factors such as the university’s prestige, geographic location, and the demand for expertise in the field.

As faculty members gain experience and achieve tenure, their salaries typically increase. Dr. Johnson, who has been a tenured professor in Computer Science for over a decade, might earn a salary ranging from $90,000 to well over $150,000 annually, depending on the university’s profile and the region’s cost of living. Full professors, having extensive experience and research contributions, may even earn higher, especially in renowned institutions or in high-cost-of-living areas.

PhD Salaries Outside Academia

In the private sector, salaries for PhD holders can vary widely based on the industry and field of study. For example, Dr. Michael, who holds a PhD in Data Science, might secure a position in a tech company and command a salary ranging from $90,000 to $120,000 per year, given the high demand for data science expertise. On the other hand, Dr. Laura, with a PhD in Marketing, might find positions in consumer research or advertising agencies, earning a comparable salary range in a different industry.

PhD graduates often find fulfilling opportunities in government agencies or non-profit organizations. In these sectors, salaries may vary based on the role, responsibilities, and level of experience.

For instance, Dr. Patel, with a PhD in Public Health, might join a government health department and earn a salary ranging from $60,000 to $100,000 annually, depending on the specific position and location. Similarly, Dr. Nguyen, with a PhD in Education, could work for a non-profit focused on educational development, earning a salary in the range of $50,000 to $80,000 per year.

International Perspective

Salaries for PhD holders can vary significantly on a global scale. For instance, a PhD holder in Computer Science in the United States might earn an annual salary ranging from $70,000 to $150,000. In contrast, in India, a PhD holder in a similar field may earn a range of approximately $10,000 to $30,000 per year. The variation is influenced by factors such as the country’s economic development, demand for specialized skills, and cost of living.

International Factors Affect PhD Salary – Exchange Rates and Cost of Living:

Exchange rates and cost of living are crucial factors affecting salaries for PhD holders in different countries. Consider Dr. Anderson, a PhD holder in Environmental Engineering. If she relocates from the United Kingdom, where she earns £50,000 annually, to Switzerland, a country with a higher cost of living and strong currency, her equivalent salary might be around CHF 80,000. However, despite the seemingly higher salary, the increased cost of living might offset the apparent financial advantage.

Approximate salary comparison table for PhD holders based on working in academia, private sector, government, or non-profit organizations:

Please note that these figures are approximate and can vary based on several factors including location, experience, specific organization, and field of study.

Tips for Maximizing Salary Potential

Networking is paramount for advancing in any career. Dr. Rodriguez, a PhD holder in Finance, attended industry conferences, where she met professionals and academics. Through these connections, she was introduced to job openings that weren’t publicly advertised. Networking helped her secure a position as a financial consultant with a significantly higher salary than she initially anticipated.

Continuous learning and skill development are essential to stay competitive. Dr. Chen, a PhD holder in Artificial Intelligence, regularly took online courses to enhance his programming and machine learning skills. His dedication to staying updated with the latest technologies made him an attractive candidate for a leading tech company, and he was able to negotiate a higher salary based on his specialized expertise.

Dr. Davis, a PhD holder in Business Administration, stressed the importance of negotiation. When offered a position as a senior researcher in a biotech company, he researched industry salary standards and prepared a compelling case for a higher salary and additional benefits. Through effective negotiation, he secured a salary 15% higher than the initial offer, along with flexible work hours.

Before We Conclude….

Please visit my article category RESEARCH CAREERS for various career opportunities for PhD candidates before and after completion of PhD.

Here’s a tabular format listing prominent companies across various domains along with their respective URLs for PhD related career opportunities:

Please note that URLs and job opportunities may change over time, so it’s advisable to visit the respective company websites for the most up-to-date information on job openings and careers.

In this comprehensive exploration, we have dissected the various dimensions of salary expectations after obtaining a PhD. We started by understanding the factors influencing salaries, both within academia and beyond. From field of study and location to industry choice, these factors play a crucial role in determining one’s earning potential. We then examined the diverse salary landscapes in academia, private industry, government, and non-profit sectors. Furthermore, we emphasized the international perspective, shedding light on how salaries differ on a global scale. Lastly, we provided valuable tips on maximizing salary potential through networking, skill development, and effective negotiation.

Armed with the insights presented in this article, we encourage all aspiring and current PhD candidates to delve deeper into the salary landscapes of their respective fields. Further research, consultations with career advisors, and networking within their communities can provide a clearer picture of what to expect post-PhD. Knowledge is the cornerstone of success, and by acquiring a comprehensive understanding of salary expectations, individuals can confidently steer their career paths towards prosperity and fulfilment.

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Doctorate (PhD) Degree

Doctorate (PhD) Jobs by Salary

Featured content, related degrees by salary.

Degrees in the same industry as Doctorate (PhD), ranked by salary

Avg. Salary $82k — $178k

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Avg. Salary $88k — $137k

Years of Experience

Gender breakdown for doctorate (phd), job satisfaction, popular companies for doctorate (phd) degree s.

Pay ranges for people with a Doctorate (PhD) degree by employer.

I was drowning in $370,000 of student loan debt with my salary as a teacher. Then, it was all forgiven.

• I had massive student loan debt due to a combination of low teacher pay and accumulating interest.
• Thanks to recent changes to student loan repayment programs, my $370,000 in loan debt was forgiven.
• However, not everyone should count on student loan forgiveness.

This spring, I received some of the best news of my life: My $370,000 in student loan debt was forgiven.

For over a decade, my loans were an albatross. The amount of debt I owed was so massive that I felt nauseated every time I looked at my balance. I had no idea how I'd ever pay off that much money, and the burden of making payments on my meager teacher's income was a constant struggle.

I got some relief when the COVID-19 pandemic brought a yearslong, interest-free payment pause. But I knew that would end at some point. I couldn't stick my head in the sand forever.

Fortunately, the US Department of Education made some changes to student loan repayment , and the day came when my debt was forgiven. I finally felt free.

How I got into this much debt

Between my undergrad studies and my combined MA/Ph.D. program, I borrowed about $238,000. This was a massive amount on its own — but not unheard of for 10 years of higher education .

Related stories

Teaching wasn't always on my radar. I graduated with a BA in criminal justice and political science, but by graduation, I knew I no longer wanted to work in that field. So, I took a short detour through law school, but that wasn't for me either.

While trying to figure out my next steps, I got a job as a substitute teacher . That was when I discovered a passion for teaching.

Subbing also taught me I had no interest in managing behavior. But teaching college meant I'd be teaching adults, so I shouldn't have to worry about classroom management. Even better, it also meant pursuing my love of research and writing. But becoming a full-time professor typically required a Ph.D., so it was back to school for me.

Unfortunately, I had no idea until well after I graduated how difficult it is to land a professorship. Thanks to an oversaturated job market , only a tiny fraction of those who earn doctorates to become professors ever get to be one.

But I didn't learn this until after I'd borrowed multiple six figures to get an education for a job I'd never have. I spent most of my academic career as an adjunct lecturer, working at multiple schools to earn barely above minimum wage .

Meanwhile, I enrolled my student loans in an income-driven repayment plan. As a poorly paid adjunct, my income-based payments were lower than the interest due on my loans, which at one point amounted to as much as $2,000 a month. Thus, my loans ballooned during the decade after my graduation, accruing $132,000 in interest.

The role of luck

I didn't think I'd ever be able to climb out of that much debt, especially since it wasn't fixed debt like a mortgage or a car loan. Instead, thanks to negative amortization, which happens when you pay less than the amount of interest due, my loans continued to grow despite making payments.

Additionally, as an adjunct, I didn't qualify for Public Service Loan Forgiveness , which comes with a shorter repayment term and tax-free forgiveness. Even though adjuncts often work 60-plus hours a week, adjunct hours were reported as classroom hours and didn't include all the additional time spent on class prep and grading.

But new fixes to the student loan system eliminated these barriers for me. For one, the new income-driven SAVE plan eliminates negative amortization, which means borrowers' loans won't grow if their payments are less than the interest due.

Additionally, the Department of Education closed the loophole for adjuncts by introducing its own method for calculating teaching hours. When I heard that news, I literally sat down and cried.

Next, the temporary recount meant that the years I'd spent in economic hardship deferment would count toward my total number of required payments.

Because of all these changes, I received a letter in the spring of 2024 announcing, "Congratulations! Your loans are forgiven."

It felt like I'd won the lottery.

You shouldn't bank on the same luck

Several pieces had to fall into place for my loans to be forgiven. This included pandemic-era relief and an administration that was friendly toward student loan forgiveness.

As an English teacher and the director of the writing center at a small liberal arts college, I work with students who borrow six figures or more to get an education. I feel for them, as college has become prohibitively expensive, and student loans help keep college accessible.

Yet student loan debt can become a huge financial burden that impacts students' ability to do things like buy a home, have children, or build savings. Certainly, if I had the chance to do it all over again, I would have made different choices, and I hope my students do too.

Watch: Why student loans aren't canceled, and what Biden's going to do about it

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