phd in financial regulation

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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

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Humboldt-Universität zu Berlin - Finance Group

Financial markets regulation (ph.d. course).

Wed. 10-12, DOR 1 Room 005

This course introduces students to the regulation of financial markets and the participants in these markets. It consists of three parts. The first two parts analyze the financial disclosure requirements of non-financial corporations and the impact of these requirements on corporate policies. The third part discusses the most relevant financial frictions that policy makers should consider when regulating financial institutions. Part IV reviews the economics of financial crises and discusses what regulatory mechanisms exist to prevent financial crises.

Instructors

Course Outline: Part I: Financial Reporting and Disclosure 1. Financial Reporting and Disclosure: An Institutional Primer Alexander, D. and C. Nobes (2010): Financial Accounting: An International Introduction. Financial Times Prentice Hall, 4th edition, chapter 1-5. * Ball, R. (2001): Infrastructure Requirements for an Economically Efficient System of Public Financial Reporting and Disclosure. Brookings-Wharton Papers on Financial Services : 127-169. Graham, J. C. Harvey and S. Rajgopal (2005): The economic implications of corporate financial reporting. Journal of Accounting and Economics 40: 3-73. 2. Regulated versus Voluntary Disclosure Gao, P. (2010): Disclosure Quality, Cost of Capital, and Investor Welfare. The Accounting Review 85: 1-29. * Hermalin, B. and M. Weisbach (2012): Information Disclosure and Corporate Governance. Journal of Finance 67: 195-234. Beyer, A., D. Cohen, T. Lys and B. Walther (2010): The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics 50: 296-343. 3. Financial Reporting and Mechanism Design * Goldman, E. and S. Slezak (2006): An equilibrium model of incentive contracts in the presence of information manipulation. Journal of Financial Economics 80: 603-626. Watts, R. and J. Zimmerman (1990): Positive Accounting Theory: A Ten Year Perspective. The Accounting Review 65: 131-156. 4. Financial Reporting and the Capital Market Ball, R. and L. Shivakumar (2008): How Much New Information Is There in Earnings? Journal of Accounting Research 46: 975-1016. * Lambert, R., C. Leuz and R. Verrecchia (2012): Information Asymmetry, Information Precision and the Cost of Capital. Review of Finance 16: 1-29 Hirshleifer, D. and Teoh, S. (2003): Limited attention, information disclosure, and financial reporting. Journal of Accounting and Economics 36: 337-386. Part II: Recent Changes in Financial Markets Regulations 5. SOX Peter Iliev, 2010, The Effect of SOX Section 404: Costs, Earnings Quality, and Stock Prices, Journal of Finance 65(3) Chhaochharia and Grinstein, 2007, Corporate Governance and Firm Value: The Impact of the 2002 Governance Rules, Journal of Finance Linck, Netter, and Yan, 2009, The Effects and Unintended Consequences of the Sarbanes-Oxley Act on the Supply and Demand for Directors, Review of Financial Studies The Impact of the Sarbanes-Oxley Act on the Cost of Going Public (Christoph Kaserer , Alfred Mettler , Stefan Obernberger) 6. Regulation FD Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital, Jorion, Liu, and Shi, 2005, Informational effects of regulation FD: Evidence from rating agencies, Journal of Financial Economics 7. Rule12h-6 Doidge, Karolyi, and Stulz, 2010, Why Do Foreign Firms Leave U.S. Equity Markets? Journal of Finance Fernandes, Lel, and Miller, 2010, Escape from New York: The market impact of loosening disclosure requirements, Journal of Financial Economics Christensen, Hail, and Leuz, 2010, Capital-Market Effects of Securities Regulation: The Role of Implementation and Enforcement, working paper Part III: Financial Frictions and Macroeconomics Recent research on the role of financial frictions for macroeconomic analysis has developed frameworks suitable for quantitative analysis. This is needed since many of the issues involving the role of financial factors in the business cycle and the implications for regulatory policies ultimately involve quantitative considerations. 8. Financial Frictions in DSGE models I A quick refresher on DSGE modeling, which is at center stage in the BDPEMS course “Advanced Macroeconomic Analysis”. Galí, J., 2008, Monetary Policy, Inflation, and the Business Cycle, Princeton University Press. Woodford, M., 2003, Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Setting the stage for the subsequent analysis of financial frictions in the context of an otherwise standard macroeconomic framework. 9. Financial Frictions in DSGE models II Should financial considerations be given independent weight in monetary policy decisions? How should interest-rate policy take into account the observed movements in interest-rate spreads? Does it make sense to shift the traditional focus on interest rate policy to bank reserves as an alternative operating target for monetary policy? Is credit policy a substitute for interest-rate policy? Cúrdia, V. and M. Woodford, 2011, The central-bank balance sheet as an instrument of monetary policy, Journal of Monetary Economics 58, 54-79. 10. Financial Frictions in DSGE models III We continue with our discussion of the above mentioned questions and give an overview of other recent developments in this field. Gertler, M. and P. Karadi, 2011, A model of unconventional monetary policy, Journal of Monetary Economics 58, 17-34. Part IV: Macroprudential Regulation of Financial Markets * = required reading 11. Basic Mechanisms of Financial Crises Allen, Franklin, and Douglas Gale (2009), Understanding Financial Crises, Oxford Univ. Press. Kindleberger, Charles P., and Robert Z. Aliber (2005), Manias, Panics, and Crashes: A History of Financial Crises, 5th edition, Palgrave Macmillan. Minsky, H.P. (1972), Financial Instability Revisited: the Economics of Disaster, http://fraser.stlouisfed.org/historicaldocs/dismech/download/59037/fininst_minsky.pdf Reinhart, Carmen, and Kenneth Rogoff (2009): This Time is Different, Princeton Univ. Press. * Abreu, D., and M. Brunnermeier (2003), “Bubbles and Crashes”, Econometrica 71, 173-204. * Banerjee, A.V. (1992), “A Simple Model of Herd Behavior”, Quarterly Journal of Economics 152, 797-817. 12. Maturity Transformation and Systemic Risk * Hellwig, M. (2008), “The Causes of the Financial Crisis“, CESifo Forum 9, 1- 21. * Cooper, Russell W. (1999), Coordination Games: Complementarities and Macroeconomics, Cambridge University Press, Cambridge, UK, pp. x-xiii, 19-45, 126-131. Milgrom, P. and J. Roberts (1990), “Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities,” Econometrica 58, 1255-1277. Vives, X. (1990), “Nash equilibrium with strategic complementarities," Journal of Mathematical Economics 19, 305-321. * Diamond, P, and P. Dybvig (1983), “Bank Runs, Liquidity and Deposit Insurance,” Journal of Political Economy 91, 401-419. Obstfeld, Maurice (1996), “Models of Currency Crises with Self-Fulfilling Features,” European Economic Review 40, 1037-1047. 13. Capital Adequacy Requirements * Brunnermeier, M., A. Crockett, C. Goodhart, A. Persaud, and H.S. Shin (2009), Geneva Report on the World Economy 11: The Fundamental Principles of Financial Regulation, International Center for Monetary and Banking Studies (ICMB), Genf. * Bank for International Settlements (2006), Basel II: International Convergence of Capital Measurement and Capital Standards: A Revised Framework – Comprehensive Version, available at http://www.bis.org/publ/bcbs128.htm. Hellwig, M. (1995), “Systemic Aspects of Risk Management in Banking and Finance“, Schweizerische Zeitschrift für Volkswirtschaft und Statistik 131, 723 - 737. Hellwig, M. (1998), “Banks, Markets, and the Allocation of Risks“, Journal of Institutional and Theoretical Economics 154, 328-351. Brunnermeier, M., and L. Pedersen (2009), “Market Liquidity and Funding Liquidity, Review of Financial Studies 22, 2201-2238. Adrian, T., and H.S. Shin (2010), “Liquidity and Leverage”, Journal of Financial Intermediation 19, 418-437. Blum, J., and M. Hellwig (1995), “The Macroeconomic Implications of Capital Adequacy Requirements for Banks“, European Economic Review 39, 739 - 749. * Cifuentes, R., G. Ferruci, and H.S. Shin (2005), “Liquidity Risk and Contagion” Journal of the European Economic Association 3, 556-566. Lender of Last Resort Hellwig, M. (1994), “Liquidity Provision, Banking, and the Allocation of Interest Rate Risk“, European Economic Review 38, 1363 - 1389. * Rochet, J.-C.,and X. Vives (2004), Coordination Failures and the Lender of Last Resort: Was Bagehot Right after all? Journal of the European Economic Association 2, 1116-47. * Diamond, D., and R. Rajan (2001), “Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking.” Journal of Political Economy, 109, 287–327. Fecht, F. and M. Tyrell (2004), "Optimal Lender of Last Resort Policy in Different Financial Systems", Deutsche Bundesbank.Discussion Paper 39/2004.

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New scholarships at Cambridge Judge thanks to very generous alumnus donation

The donation pledge of £750,000 over 5 years from Dimitris Tsikopoulos (MBA 1994), CEO of Greece-based maritime technology firm Navarino, funds the Navarino CJBS Masters Studentships for outstanding candidates to attend Cambridge Judge Business School.

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The Finance PhD…

The Finance PhD pathway

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Master of Research (MRes)

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The Finance group at Cambridge Judge Business School covers a broad spectrum of issues in finance. We define finance as more than a set of financial transactions – it is the glue that holds together corporations, capital markets and the real economy. 

We pursue research on empirical and theoretical corporate finance, asset pricing, and financial accounting as well as the intersections of finance and economics. In doing so, we treat finance as both an art and a science.

Professor Raghavendra Rau talks about the Finance pathway.

Hello. My name is Raghu Rau, and I’m the Head of the Finance and Accounting group here at Cambridge Judge Business School. Finance is actually an area which deals with four different groups of people.

We are looking at investors. Investors are people who give money to corporations and to reinvest in investment project and so on. We’re looking at corporations who take money from individuals and use that to invest in different types of projects. We have financial intermediaries, who sit between the corporations and individuals trying to make sure they have the best match between projects which the companies are offering and the individuals who want to invest in these projects. And finally, you have government and regulators who make sure the whole process is fair.

Here at Cambridge Judge Business School, we focus mostly on corporate finance. So in particular, we look at empirical corporate finance. What that means is most of our research uses actual data from companies. We look at why companies use particular types of financial policy.

We look at why individuals make certain types of decisions, whether they do this rationally, whether they’re driven by behavioural biases, and so on. We look at what conflicts of interest might make financial intermediaries advocate one type of action rather than another, for example, why they might ask firms to issue equity in place of debt and other factors like that. Overall, our focus is on trying to get actual data, hard data, which tells us exactly– allows us to get at the truth, allows us to figure out what it is that individuals, managers, and financial intermediaries are really thinking when they make financial decisions.

A lot of the data we use comes from deep engagement with companies. So in fact, here at Cambridge Judge Business School, we engage a lot with individuals who are at high level positions at firms. And because we are the University of Cambridge, we have been able to get access to a lot of unique data sets, which are not available typically at most universities across the world. And we use these to answer these types of questions.

What type of student are we looking for? Basically, someone who is interested in finding out the truth. The problem with industry is that you cannot really spend much time digging into to issues and figure out what is really going on.

We don’t just have the time. You need to talk to your clients. You need to talk to your company. These are short-frame, short-term projects, which typically last more than less than about three to six months.

Three to six months is a very, very short time for an academic. If you’re interested in truly figuring out how things work, you really have to go in-depth into these matters. And that might take a year, maybe two years. At the end of the day, we’re looking for someone who is at heart interested in the truth, someone who is, well, for better words, an academic.

View video with transcript

The pathway

To start on the Finance pathway you must take one of the following 9-month masters programmes:

Master of Research (MRes) (for students with a Cambridge MPhil in Economic Research)

Essential reading

Download detailed information about the 9-month + 4-year programme structure and content.

• Research areas What we expect from you What you can expect from us PhD supervisors
• What we expect from you Research areas What you can expect from us PhD supervisors
• What you can expect from us Research areas What we expect from you PhD supervisors
• PhD supervisors Research areas What we expect from you What you can expect from us

Research areas

Our faculty research is based around empirical and theoretical corporate finance, asset pricing, and financial accounting as well as the intersections of finance and economics. You will have the opportunity to conduct cutting-edge research on the multi-faceted linkages between investors, intermediaries and corporations. While the questions are academic in nature, we strive for solutions that can inform the practice of finance, and we incorporate this spirit into our teaching and other classroom interactions. 

Application of econometric methods and theoretical tools from contract theory and financial economics

• Provides the methodical rigour to infer causal statements about the way the world works.
• Allows us to shed light on questions that we, and businesses in the real world, deemed to be interesting and important at this time.
• Leads to key new understandings, eg the importance of the role of financial intermediation for growth and welfare.

Analysing the ‘black box’ that is financial institutions

• Work on topics and papers related to the study of commercial banks, investment banks, universal banks, mutual funds, hedge funds and other providers of financial services.
• Market failures and inefficiencies as a result of what happens within firms, not just between financial institutions and those seeking their services.
• Analysis of how firms work – how are compensation contracts written, and why do companies pay bribes to politicians?
• Analysis of investors that invest in firms through a set of financial intermediaries. How do these investors understand risk? Can managers and intermediaries consistently fool them into paying too much for securities or assets?

We pay close attention to human decision-making and behavioural anomalies, both of which also apply to the broader context of capital markets and financial accounting.  

What we expect from you

You will need to have earned a first class undergraduate degree or equivalent. In some cases you will need to have a graduate degree from a highly regarded university in financial, mathematical or business economics, and to have performed within the top 5% in your class.

You will also be able to demonstrate a high level of commitment to an academic career in a business school, to this end your academic preparation is key. Finance research is quantitative in nature and your background will reflect quantitative and methodological rigour. 

For more details, please see the academic requirements for the:

What you can expect from us

• You will be considered a junior colleague rather than a student from the outset of the programme. 
• Work with faculty on joint research projects for publication in leading academic journals.  
• Learn from a series of courses focused on research methodology and the foundations of the discipline. 
• Attend seminars given by the top researchers in the field. 
• Benefit from close interactions both within the Finance subject group and beyond including external researchers, meetings with speakers and research visits to some of the finest finance departments outside Cambridge. 
• You will be fully funded during your years on the programme. 
• Access researchers across the University of Cambridge, studying a huge variety of topics at a world-class level. 
• Take advantage of the specialised interdisciplinary centres established by the Finance group, and access unique data found nowhere else in the world. 

PhD supervisors

Your principal supervisor will be a senior academic, often Professor or Associate Professor, from within the Finance group. You will benefit from their guidance and counsel throughout the programme, and beyond: in helping you to succeed in the job market and in gaining a faculty position at a leading business school. Your principal supervisor will take an active role in your research programme and will assemble a group of faculty (your advisory committee) who will co-author papers with you. 

Take a look at the faculty who may serve as your principal supervisor and view their research interests:

David Chambers

Invesco professor of finance, read more about david.

Research interests

David Chambers researches investment management; financial history; endowment asset management; IPOs; law and finance.

View David's profile

Elroy Dimson

Professor of finance, not available as principal supervisor, read more about elroy.

Elroy Dimson researches investment management; financial market history; endowment asset management; sustainable and responsible investing.

View Elroy's profile

Oğuzhan Karakaş

Associate professor in finance, read more about oğuzhan.

Oguzhan Karakas researches corporate governance; ownership and control; corporate social responsibility; private equity; dynamic investment strategies.

View Oğuzhan's profile

Andrei Kirilenko

Read more about andrei.

Andrei Kirilenko researches the intersection of finance, technology and regulation; fintech; asset pricing, data, and digital technologies; the design of automated financial markets and instruments.

View Andrei's profile

Bart Lambrecht

Read more about bart.

Bart Lambrecht researches various aspects of corporate finance such as real options and investment under uncertainty; mergers and acquisitions; payout policy; managerial agency and the role of asymmetric information; bankruptcy; and the financing of firms; housing and household finance; bank lending and bank capital structure.

View Bart's profile

Bang Dang Nguyen

Read more about bang.

Bang Dang Nguyen researches corporate finance; empirical finance; corporate governance.

View Bang's profile

Raghavendra Rau

Sir evelyn de rothschild professor of finance, read more about raghavendra.

Raghu Rau researches empirical corporate finance; empirical behavioural finance.

View Raghavendra's profile

Pedro Saffi

Professor of financial economics, not available to take incoming phd students in october 2025, read more about pedro.

Pedro Saffi researches security lending markets; short selling; liquidity risk; and how differences of beliefs affect trading volume.

View Pedro's profile

Lucio Sarno

Read more about lucio.

Lucio Sarno researches empirical asset pricing; international finance, and especially foreign exchange markets; macro-finance; microstructure of financial markets.

View Lucio's profile

Finance faculty

Learn more about the faculty that teach on this pathway.

Learn more about the Finance subject group

Learn more about the application process and deadlines

Explore fees and funding options

Contact the admissions team

International Finance: Policy, Regulation, and Transactions

ASYNCHRONOUS, ONLINE PROGRAM

PROGRAM LENGTH:  10 Modules – self-paced, online.

PROGRAM FEE: $2,450 The program fee provides you access to the course for 12 months. See below for group or institution-wide pricing contact us at  [email protected] .

International Finance will give participants a framework for thinking about the policy issues that will shape the financial system of the 21st century.

A video lecture series presented by Professor Hal S. Scott, now includes updates to all video modules with insights into current events, new regulations, and recent developments in the financial sector.

A clear understanding of how the global financial system works and how it is regulated is essential for success in finance-related roles. International Finance: Policy, Regulation, and Transactions (IF) provides an overview of fundamentals and emerging policy issues, as well as timely reflections on current events facing the global financial system. These insights are critical for financial professionals, lawyers, and policy makers who wish to advance in their careers.

The International Finance program will give participants a framework for thinking about the policy topics that will shape the financial system of the 21st century. Delivered through 10 video modules, this program explores key topics including banking regulation, securities regulation, derivatives markets, and fintech in the context of Chinese, Japanese, European, and U.S. markets. Recent updates to the video modules provide fresh insights from Professor Hal S. Scott, including a complete lecture on the 2023 banking crisis, focused on Silicon Valley Bank.

Participants may access the modules on their own schedule. Each module will feature an interview with a notable guest who has specific expertise in the course topics.

Interview guests include:

• Jay Clayton, Former Chair of the Securities and Exchange Commission, now Lead Independent Director of Apollo’s Board of Directors
• Randy Quarles, Vice Chair for Supervision, Federal Reserve Bank
• Fang Xinghai, Vice Chairman of China Securities Regulatory Commission

View the complete list of module topics, including the featured guest →

A detailed listing of the lecture slide titles is available  upon request .

In addition, participants will have the opportunity to engage with Professor Scott during live sessions, on current events affecting the global financial system, to be scheduled in the coming year.

Next live, virtual session: TBD

About the International Finance program

International Finance: Policy, Regulations, and Transactions will give participants a fundamental overview of how the global financial system works and how it is regulated. Program participants will gain an understanding of the regulatory framework and policy purpose of global banking regulation, global securities regulation, and cutting-edge issues.

Course topics include:

• Global Banking and Capital Markets
• Banking Regulation
• Securities Regulation
• EU single market and euro
• Japanese Financial System
• Chinese Financial System

The 2023 updates to the course modules provide even greater insight into recent events in the financial sector, including crypto-assets and markets, the failure of Silicon Valley Bank, and developments in Eastern Europe.

Participants will receive access to all the course slides for the updated modules upon completion of the program.

Participants also receive access to an updated reading list with links to the latest international finance resources and research.

Upon successfully completing the program, participants earn a signed Harvard Law School Executive Education certificate of completion. The certificate will be delivered as a Certified Electronic Certificate.

To earn this certificate, participants must successfully complete a related assessment, in the form of multiple choice questions, for each module. Participants have the option to not complete the assessments and earn the certificate, but still access the course materials and video modules.

International Finance: Policy, Regulation, and Transactions is an online course composed of 10 modules presented via recorded lectures and two virtual live sessions on new policy issues.

Each module includes:

• Video lectures
• A recorded video interview with a notable guest who has specific expertise on the topic
• Supplemental materials

In addition, each semester you will have the opportunity to ask questions and delve deeper into the topics with the program’s faculty during live sessions.

This self-paced course will take approximately 20 hours to complete. Participants have 1 year from the date of access to complete it.

International Finance is designed for those interested in gaining a comprehensive understanding of the policy framework for the global financial system. The program content will be applicable for both a U.S.-based and international audience.

This program will benefit the following people at all seniority levels:

• Lawyers in law firms or in-house legal departments
• Policymakers and regulators
• Financial sector professionals

Graduate students with relevant studies may also benefit from the program.

The application includes one short answer question: “Please describe why this course is relevant to you.”

Accepted participants will gain access to the course within two business days after payment is received.

There are no refunds for this program once you have accessed the course.

Visit the  Admissions page  for additional information on the process.

Our core faculty are members of the Harvard Law School faculty – distinguished academicians, educators, researchers, authors, and practitioners in their respective fields. Representing various disciplines, they are close to practice through relationships with law firm leaders and through personal involvement as consultants for top firms around the world.

Teaching Team

Hal S. Scott, Harvard Law School – Faculty Chair

International Finance can provide organizations an efficient way for a large number of employees to gain key insight into global financial systems. Harvard Law School Executive Education is pleased to offer special group or organization-wide pricing.

Do you have a group or cohort ready to enroll in the International Finance program? View our tiered pricing model . This option is best for organization who will have a set number of participants and can prepay.

Are you interested in an ongoing subscription for your organization? After an initial one-time, fixed fee payment of $25,000, individuals from your organization can enroll for a reduced fee of $1,450.

To enroll your organization in International Finance, submit the  Institutional Enrollment Form .

Please contact us at  [email protected]  to discuss International Finance for your organization.

You may also be interested in:

Computer Science for Lawyers →

Harvard is authorized to offer distance education under the State Authorization Reciprocity Agreement (SARA), an agreement that allows institutions of higher education in Massachusetts to offer distance education to students residing in other states that participate in SARA. For information about SARA-related student complaint processes for distance education students, please see  https://vpal.harvard.edu/nc-sara .

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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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Finance Requirements

I. preparation.

The study of financial economics requires a grasp of several types of basic mathematics. Students must enter with or very quickly acquire knowledge of the concepts and techniques of:

It is strongly advised that students without a strong and recent background in calculus, linear algebra, or statistics come to Stanford in June to take courses to strengthen any weak areas.

Computer programming skills are necessary in coursework (as early as the first quarter of the first year) and in research. If students do not have adequate computer programming skills, they may wish to take a computer programming course before they arrive at Stanford, or take an appropriate Stanford computer science course while here.

II. Course Requirements

All required courses must be taken for a grade (not pass/fail or credit/no credit). Exceptions are made if the required course is offered pass/fail or credit/no credit only. Each course must be passed with a grade of P or B- or better. Substitutions of required courses require approval from the faculty liaison. Waiving a course requirement based on similar doctoral level course completed elsewhere requires the approval of the course instructor, faculty liaison, and the PhD Program Office.

III. Practicum

Students are required to sign up for either a research or teaching practicum each quarter of enrollment. Below is a description of the practicum requirements for Finance students.

During the student’s first year, the student will be assigned each quarter to work with a different faculty member. This assignment will involve mentoring and advising from the faculty member and RA work from the student. The purpose of new assignments each quarter is to give the student exposure to a number of different faculty members.

In subsequent years, the practicum will take the form of a research or teaching mentorship, where the student is expected to provide research or teaching support under the guidance and advice of a faculty member. Faculty assignments here will be made through informal discussions between faculty and students, and may be quarterly, or for the entire year.

For students of all years, one requirement to satisfy the practicum is that students regularly attend the Finance seminar. The only exception to this will be if there is a direct and unavoidable conflict between the seminar and necessary coursework.

IV. Summer Research Papers

All students in all years are expected to complete a research paper over the summer, and present this paper in the Fall quarter. A draft of this research paper should be submitted by the end of September to the field liaison. Students can continue to work on and improve their paper up to their presentation. Presentations of summer research will always be viewed as research in progress.

For students completing their first year, the summer paper should demonstrate the mastery of a specific area in the literature. This can be accomplished by either (i) presenting the preliminary development of a research idea or (ii) presenting work co-authored with faculty. The student will be expected to present this paper to a gathering of three Finance faculty members of the student’s choosing in October.

For students completing their second year, the summer paper should develop a research idea that was approved during the oral exam at the beginning of the summer (see below). “Develop” does not mean complete - students will be evaluated based on whether they have made reasonable progress on their research topic and on whether they have identified an appropriate research question. A passing grade on the second-year paper is one requirement for admission to candidacy.

In all years after the second year, the summer research paper should be a well-developed research paper. (Well-developed does not mean completed – research is always presented as work in progress. Rather, it means that the work shows enough progress and development to merit a seminar presentation.) Students will then present their papers to the overall Finance faculty and PhD student body in scheduled talks over the Fall quarter. Student presentations will typically be 45 minutes, save for job market paper presentations, which will be a full hour and a half.

More generally, these presentations throughout all years will be a primary manner that faculty who are not advising the student become familiar with the student’s work, and will play a crucial role in the assessment of the student’s academic progress.

V. Field Exam

Students take the field exam in the summer after the first year. Material from the field exam will be based on required first year coursework. This includes required finance courses, as well as the required microeconomic and econometric classes. The primary purpose of the exam is to ascertain that students have learned the introductory material that is a necessary foundation for understanding and undertaking research in the field. Additionally, studying for the field exam will give students the opportunity to review and synthesize material across all their different first year courses. Students may be asked to leave the program if they fail the field exam, or may be allowed to retake the exam at the Faculty’s discretion. Students who fail the field exam two times will be required to leave the program.

VI. Teaching Requirement

One quarter of course assistantship or teaching practicum. This requirement must be completed prior to graduation.

VII. Finance Oral Exam

The finance oral exam takes place at the end of the spring quarter of the second year, in early June.

At the beginning of the spring quarter of the second year, the student meets with the liaison to determine three finance faculty members who will administer the exam. The student then meets with the selected faculty examiners to discuss a set of topics that will be covered in the finance oral exam. These topics will generally be chosen from coverage in the Finance PhD classes. An important component of the exam involves the student identifying a particular research area to discuss at the exam. The student will be expected to discuss major results in the literature related to this area and to identify important unresolved questions that need to be addressed. In addition the student will be expected to discuss how one or more of these questions might be addressed either theoretically or empirically. During the exam, the student should agree with the faculty members on a topic for the second-year paper (see above).

The results from the finance oral exam plus the result from the second-year summer research paper (presented in the fall of 3rd year) and overall performance in the program are weighed in the decision to admit to candidacy.

VIII. Candidacy

Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.

IX. University Oral Exam

The university oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are required to successfully complete the oral exams by September 1 before the start of their fifth year in the program.

X. Doctoral Dissertation

The doctoral dissertation is expected to be an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. The Finance faculty defer to the student’s Dissertation Reading Committee to provide general guidelines (e.g., number of chapters, length of dissertation) on the dissertation.

Typical Timeline

Years one & two.

• Field Requirements
• Directed Reading & Research
• Advancement to Candidacy
• Formulation of Research Topic
• Annual Evaluation
• Continued Research

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BIS PhD Fellowship Programme

The Bank for International Settlements invites applications from students who are currently enrolled in a PhD programme in economics, finance or related fields and who wish to develop a research project at the BIS.

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Behavioral Finance & Financial Stability

• Harvard Business School →
• Behavioral Finance & Financial Stability →

Bubbles for Fama

Do Fire Sales Create Externalities?

The Impact of Pensions and Insurance on Global Yield Curves

Crisis of Beliefs: Investor Psychology and Financial Fragility

• SUMMER 2018

Measuring Credit Sentiment

Equity Market Sentiment

Leverage and the Beta Anomaly

Partial Deregulation and Competition: Effects on Risky Mortgage Origination

The relevance of broker networks for information diffusion in the stock market, brokers and order flow leakage: evidence from fire sales, about the project  , research  .

Invisible Primes: Fintech Lending with Alternative Data

Stock market stimulus, loan types and the bank lending channel, predictable financial crises, segmented arbitrage, business credit programs in the pandemic era, large banks and small firm lending, bank balance sheet constraints and bond liquidity, diagnostic bubbles, the cross-section of bank value, rate-amplifying demand and the excess sensitivity of long-term rates, can policy tame the credit cycle, real credit cycles, sizing up corporate restructuring in the covid crisis, overreaction in macroeconomic expectations.

The Pass-through of Uncertainty Shocks to Households

Stock market returns and consumption, monetary policy and global banking, a quantity-driven theory of term premia and exchange rates, u.s. monetary policy and emerging market credit cycles, weak credit covenants, financial market risk perceptions and the macroeconomy, how quantitative easing works: evidence on the refinancing channel.

Do Banks have an Edge?

Reflexivity in credit markets.

Asset Price Dynamics in Partially Segmented Markets

A Crisis of Beliefs: Investor Psychology and Financial Fragility

Pension Policy and the Financial System

Rethinking stabilization policy: evolution or revolution.

Strengthening and Streamlining Bank Capital Regulation

Interest Rate Conundrums in the Twenty-First Century

The Fed, the Bond Market, and Gradualism in Monetary Policy

• BFFS WP #010

The Financial Regulatory Reform Agenda in 2017

• BFFS WP #009

• BFFS WP #008

Rethinking Operational Risk Capital Requirements

• BFFS WP #006

Credit Migration and Covered Interest Rate Parity

• BFFS WP #007

The Importance of Unemployment Insurance as an Automatic Stabilizer

A Model of Credit Market Sentiment

• BFFS WP #002

• BFFS WP #004

The Private Costs of Highly Levered Banks

Does Reserve Accumulation Crowd Out Investment

Secular Stagnation in the Open Economy

Covenant-Light Contracts and Creditor Coordination

• 31 MAR 2016

Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815-2015

Forward Guidance and the Yield Curve: Short Rates versus Bond Supply

• 07 DEC 2015

Extrapolation and Bubbles

Dollar Funding and the Lending Behavior of Global Banks

A Comparative Advantage Approach to Government Debt Maturity

Dealing with Debt

• 09 JAN 2015

Reforming LIBOR and Other Financial Market Benchmarks

Georgetown Law

Securities & financial law certificate.

There's no better place to study securities and financial regulation than Georgetown Law. Our campus is within walking distance of the SEC, the Federal Courts, and the Capitol. We are a short Metro ride to the other Federal regulatory agencies and the nation’s best law firms. Our faculty are experts in their fields and work at major firms or financial regulatory agencies.

The Certificate in Securities & Financial Law provides experienced lawyers with the opportunity to focus on securities and financial law, and it offers lawyers who are just starting their careers a window into this dynamic area of law. Students must take ten credits selected from the Securities & Financial Law curriculum, including the prerequisite course, Securities Regulation. 

U.S.-trained lawyers can earn the certificate in conjunction with the  International Business & Economic Law LL.M. degree .

For foreign-trained lawyers, the Certificate in Securities & Financial Law allows students to have a concentration in this area of law, within either the  General LL.M.  or the  International Business & Economic Law LL.M. , and also gain exposure to U.S. law and/or business law more broadly.

Contact Information To learn more, please contact: The Office of Graduate Programs and International Programs Phone: (202) 662-9036 Email Address:  O ffice of Graduate and International Programs

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Financial regulation and capital markets specialization

This specialization is ideal for students who want to pursue a career in a global law firm, with an intergovernmental organization, or as in-house legal counsel for a financial firm. Students will choose twelve credit hours from the core courses, and may choose from elective courses covering areas related to finance, tax law, and business organizations, among others.

Core courses (choose 12 credits)

• Banking Law
• Corporate Finance
• Corporations
• International Securities Regulation
• Mergers and Acquisitions II
• Securities Regulation

Elective courses

• Antitrust Law I
• Advanced Bankruptcy: Business Reorganization
• Business Planning
• Corporate Finance Law
• Corporate Taxation
• Estate Planning
• Ethics and Compliance
• Federal Criminal Law and White-Collar Crime
• Insurance Law
• International Business Transactions
• International Trade
• Introduction to Income Tax
• Law and Philanthropy
• Mediation for LLMs
• Mergers and Acquisitions
• Municipal Finance
• Negotiable Instruments
• Negotiations
• Non-Profit Organizations
• Real Estate Finance
• Secured Transactions
• Seminar in Commercial Law: Consumer Credit
• Seminar in Corporate Law: Financial Regulation
• Seminar in Tax Policy
• Tax Policy Colloquium
• Topics in Tax: Strategic Business and Tax Planning

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We have 1 Law (financial regulation) PhD Projects, Programmes & Scholarships

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Law (financial regulation) PhD Projects, Programmes & Scholarships

Phd (school of law) doctorate, self-funded phd students only.

The PhD opportunities on this programme do not have funding attached. You will need to have your own means of paying fees and living costs and / or seek separate funding from student finance, charities or trusts.

PhD Research Programme

PhD Research Programmes present a range of research opportunities shaped by a university’s particular expertise, facilities and resources. You will usually identify a suitable topic for your PhD and propose your own project. Additional training and development opportunities may also be offered as part of your programme.

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LERNER BUSINESS & ECONOMICS

• Financial Services Analytics (FSAN) (Ph.D.)

Student Research Topics

FSAN students work closely with their supervisors to identify cutting-edge research topics related to modern data science theory, algorithms and applications in banking and the financial and tech industries. Sample dissertation topics include:

• Bayesian causal inference
• predictive analytics
• bank systemic risk
• malware detection and classification
• credit card fraud detection
• NLP & chat-bots
• link recommendation
• text-based industry classification
• loan process optimization
• customer targeting
• active learning on graphs

Career Opportunities

Our program generates excellent internship opportunities and industry and academic job prospects.

Corporate-sponsored internships offer you the opportunity to apply analytics tools to real-world challenges on teams in wealth management, machine learning, data architecture, investment banking, global finance and business management. Most students gain internship experience while pursuing their Ph.D. degrees.

FSAN graduates are researchers and professionals who play key roles in teams that bridge the financial services industry and data and operational sciences. They are now employed as data scientists in major banks, fintech companies and technology companies. The FSAN program works closely with Lerner Career Services to provide personalized, high quality career assistance.

Where Our Students Intern

• JP Morgan Chase & Co

Where Our Graduates Work

Academic Institutions:

• Chinese University of Hong Kong (Shenzhen)
• Shanghai University of Finance & Economics
• University of Delaware
• Virginia Tech

Banking and Financial Services:

• Bank of America

"UD was able to merge finance, data mining, statistics and other areas to create the FSAN program. This is also reflected in the diversity of the students. We come from different fields, and it is wonderful how we are able to complement each other in so many different ways."

- FSAN student Leonardo De La Rosa Angarita

• Lifelong Lerner: Chuan Cai - As a member of the University of Delaware’s Alfred Lerner College of Business and Economics’ class of 2024, Chuan Cai, financial services analytics Ph.D. from Lu’an, Anhui, China has thoroughly demonstrated his excellence and dedication during his time at UD.
• Unique Lerner FSAN Program Lands Graduates in Top Financial Technology Jobs - As businesses increasingly search for workers skilled in tools like machine learning, artificial intelligence and language models, this program is turning out graduates ready for the job.
• What Is Fintech? - This article explains what fintech is, introduces jobs and salaries in the field and compares different ways of learning the subject.
• On the Job with Oliver Yao: New Lerner Dean Is Focused on the Promise of FinTech - Oliver Yao, the new dean of the Alfred Lerner College of Business and Economics, wants the college to be at the center of the financial technology revolution.
• Lifelong Lerner: Jared Sharpe - Jared Sharpe, a native of Andreas, Pennsylvania, earned a doctoral degree in financial services analytics from the University of Delaware’s Alfred Lerner College of Business and Economics in May 2023.

Contact Dr. Bintong Chen 302-831-2756 [email protected]

Explore the doctorate in FSAN by viewing a recent FSAN information session.

Admissions Information

We accept students every other year, in the even-numbered years. The application deadline for the next cohort (beginning fall semester 2024) is May 1, 2024. Students seeking financial aid should submit their applications by February 1, 2024, but late applications will be considered if funds are available. Highly-qualified students may receive research scholarships as well as a generous stipend to cover all educational expenses.

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The Business, Economic, and Financial History Project

The Business, Economic, and Financial History Project (BEF History), a project of the Wharton Initiative on Financial Policy and Regulation (WIFPR), brings together scholars from across the University of Pennsylvania to explore the deep and growing ties among various methodologies and disciplines of economic history. The primary objective is to convene leading thinkers, scholars, and students interested in the intersection of history, economics, finance, and public policy, conversant with both the quantitative and qualitative elements of rigorous historical research. BEF History will use history as a vital laboratory of experience to inform the development of ideas across a wide array of related disciplines and to engage directly with the development of sound financial policy and regulation.

The BEF History Project is directed by Scientific Directors Jesús Fernández-Villaverde (Penn Economics) and Marc Flandreau (Penn History) and Executive Director Max Harris (Wharton).

The BEF History Project is supported by WIFPR and the Howard Marks Economic History Programs Endowed Fund.

Jesús Fernández-Villaverde

Scientific Director

Jesús Fernández-Villaverde is Howard Marks Presidential Professor of Economics at the University of Pennsylvania, where he serves as Director of the Penn Initiative for the Study of Markets, Visiting Professor at University of Oxford, Visiting Fellow at Nuffield College (Oxford), Visiting Scholar at the Federal Reserve Banks of Chicago, New York, and Philadelphia and the Bank of Spain, and a member of the National Bureau of Economic Research and the Center for Economic Policy Research. In the past, he has hold academic appointments, among others, at Harvard University, Princeton University, Yale University, Duke University, and New York University, he has been Visiting Scholar at the Federal Reserve Banks of St. Louis, Minneapolis, Cleveland, and Atlanta, Research Professor at FEDEA (Spain), National Fellow of the Hoover Institution at Stanford University, Visiting Scholar at the Becker-Friedman Institute of the University of Chicago, Visiting Scholar at INET at University of Cambridge, Distinguished Visiting Professor at University of Melbourne (Australia), and he was the director of the Penn Institute for Economic Research. He is editor of the International Economic Review . In the past, he has served in the editorial board of several other learned journals.  He has published over several dozen peer-reviewed papers, including American Economic Review, Econometrica, and Review of Economic Studies and edited and co-authored several books. His research focuses on macroeconomics, econometrics, and economic history.

His website is available here .

Marc Flandreau

Marc Flandreau is Professor of Economic History at the University of Pennsylvania. A world-renown historian of finance Flandreau is a leader in the quantitative history of monetary regimes, exchange rates, financial crises, central banks, rating agencies and sovereign debt. Before joining Penn as Howard S. Marks Professor of Economic History, Flandreau was Chair of International Finance at Sciences Po, Paris, and a Professor of Economics and History at the Graduate Institute of International Studies and Development in Geneva. His academic background doubles up with real-world expertise. He has worked extensively with central banks and international organizations and was chief economist with Lehman Brothers France (2002-2008). He is currently member of the Policy Panel of the Bank of International Settlements and advises the BIS macro-historical data project, Historical Monetary and Financial Statistics. He has published many articles and authored several books including The Glitter of Gold: France, Bimetallism and the Emergence of the International Gold Standard ; Money Doctors, The Experience of International Financial Advising 1850-2000 ; The Gold Standard in Theory and History (with Barry Eichengreen);   Making of Global Finance 1880-1913 (with Frédéric Zumer)

Executive Director

Max Harris is Senior Fellow at the Wharton Initiative on Financial Policy and Regulation. Prior to joining Wharton, he worked at the U.S. Department of the Treasury on European macroeconomic issues. In addition, he helped design and implement coronavirus relief programs at Treasury. He has also worked as a policy consultant to former Director of the National Economic Council Gene Sperling and as a policy adviser on Pete Buttigieg’s presidential campaign. His research focuses on international monetary history, and he is the author of the book Monetary War and Peace: London, Washington, Paris, and the Tripartite Agreement of 1936 (Cambridge University Press 2021). He holds a PhD in economics from Harvard University.

Each year, BEF History welcomes a cohort of undergraduate and graduate students, predocs and postdocs, as fellows. You can find out more about this year’s cohort below.

Nicole Adrian

Graduate Fellow (History)

Nicole Adrian is a doctoral student in the Penn History Department studying environmental history with a focus on agriculture. She is interested in twentieth century U.S. farm finance, the development of corporate agribusiness, and their influences in the policymaking process. Prior to Penn, Nicole studied history, environmental studies, conservation biology, and public policy at the University of Wisconsin – Madison.

Arielle Alterwaite

Arielle Xena Alterwaite is a PhD candidate in the History Department where she studies histories of political-economy and empire. She is interested in the intersections of abolition, finance, and sovereignty and is currently working on an international history of Haitian sovereign debt in the first half of the nineteenth century. Her writing has appeared in The American Historical Review , Slavery & Abolition , and the Los Angeles Review of Books .

Maylis Avaro

Postdoctoral Fellow (History)

Maylis Avaro is the Howard S. Marks Postdoctoral Research Fellow. Before joining Penn, she was a visiting scholar at Oxford University and Rutgers University. She holds a PhD in International Economics and History from the Geneva Graduate Institute. She works on the international monetary system, its history and current developments in crypto. Her website is available here:  www.maylisavaro.info

Anders Bright

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Mingzhuo Deng

Postdoctoral Fellow (Economics)

Mingzhuo(Ming) Deng is a PhD candidate in the Penn Economics Department. He is interested in sovereign debt history, modern sovereign lending with geopolitical considerations, and computational economics. He is working on projects examining ancient Chinese financial systems and modern-day Belt and Road Initiative lending.

Diego Lijeron

Undergraduate Fellow (Wharton)

Diego Lijeron is an undergraduate student pursuing a Bachelor of Science in Economics, with a concentration in Finance and Accounting, and a minor in History at the Wharton School of the University of Pennsylvania. He is working with Professor Marc Flandreau on a Wharton Honors Thesis, focusing on creditor priorities in historical sovereign debt restructurings.

Alex Royt is pursuing doctoral studies in History at the University of Pennsylvania. Alex holds a Bachelor of Arts from SUNY Binghamton where he studied history and German. He also holds a Master of Arts from Columbia University and a Master of Science from London School of Economics, where he studied international history. His doctoral dissertation examines Stalinism as a financial revolution that sought to create an alternative financial system to the capitalist West. His research tracks the evolution of economic reforms and financial institutions under an anti-capitalist regime. His scholarly interests include financial regulation, social conflict, collective action, and democratization.

Emma Sarhdaoui

Predoctoral Fellow (History)

Emma is a Predoctoral Fellow working for Prof. Marc Flandreau. She is initially a civil servant student at the École Normale Supérieure Paris-Saclay. She has previously carried out research on foreign exchange market integration and public debt guarantees at the Paris School of Economics. Her current research focuses on the U.S. securities market in the 1980s.

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LLM in Banking & Financial Law

Degree details.

Equipped with the knowledge and skills needed to handle the regulatory, transactional and compliance needs of financial services clients in today’s global economy, our graduates hold influential positions worldwide—in banks, governments, law firms, corporations, financial institutions, and multilateral and nongovernmental organizations. Since conferring our first LLM in Banking & Financial Law in 1984, our program remains the only financial services LLM program in the country with its own faculty and a curriculum designed exclusively for graduate study.

Degree Type

Minimum requirements.

• 2 Semesters

Availability

The program of study, focusing on regulatory courses and transactional courses in the areas of banking law, securities law, and general financial services law, leads to the degree of Master of Laws in Banking and Financial Law. Students may also choose to focus their studies in one of the available program concentrations in The Business of Banking, Compliance Management, Financial Services Transactions (offered only to students studying in the residential format), Lending and Credit Transactions, and Securities Transactions. Upon graduating, students will have a deep appreciation of how to apply the law to banking and financial transactions, whether they earn the degree through residential studies in Boston or  online from home .

Beyond the classroom , students can supplement their coursework by focusing on the financial services issues of the day through lectures, conferences, and roundtable discussions. A number of these conferences and lectures are co-sponsored with groups such as the American Bar Association, the Boston Bar Association, and The Clearing House Association.

We also offer the Certificate in Financial Services Compliance, the first online program offered by the Graduate Program in Banking & Financial Law. For more details on this new program,  visit the program website .

Learn more about the program from  Director Kevin J. Handly , meet the staff , learn about the faculty , or download a  program overview here .

Class Profile

The typical student in the Graduate Program in Banking and Financial Law has a demonstrated interest in financial services as demonstrated by their academic studies, internships and/or work experience. Many applicants are experienced lawyers who have worked for several years before enrolling in the Graduate Program.

Some students use the Graduate Program to prepare for careers, others to sharpen skills already developed, and still others to change their fields of specialization. A number of students are sponsored by their law firms, financial institutions, or government agencies and return to them upon completion of their studies.

Graduates have typically taken positions in law firms, commercial and investment banks, other financial institutions and government agencies. Some have joined the regulatory services of accounting and consulting firms. They work in legal positions, compliance and other control positions, consulting, and even in the business lines of financial institutions.

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LLM & Master's Degrees

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Banking and finance law llm.

Part of: Law and Economics and Finance

The Banking and Finance Law LLM provides a thorough grounding in the fundamental principles of international finance and financial services law, covering local and international developments from practical, theoretical and policy perspectives. You can choose a wide selection of modules from banking, financial regulation, corporate finance, mergers and acquisitions, to FinTech, international financial institutions or ethics.

• Cover a wide range of regulatory and transactional areas, including monetary law, banking law, securities regulation, corporate finance, restructuring and insolvency, central banking and international finance law
• Study with academics who are engaged in current banking and finance policy making and legal regulatory reforms and general counsel, judges, officials and practitioners undertaking cutting edge transactional work
• Follow modules developed in the light of recent new regulations and developments, such as ethics in business and finance, digitalization, regulation of crypto assets and FinTech, sustainability and climate change
• Attend our seminar series, featuring prominent figures from the legal profession, industry, international organizations and academia
• Your fellow students will come from the UK and more than 80 other countries around the world, each able to draw on prior academic and professional experience from different jurisdictions

Study options

• Full-time September 2025 | 1 year
• Part-time September 2025 | 2 years

What you'll study

You will study all aspects of the regulation of financial markets, and cover a wide variety of aspects of financial and banking law. You will consider aspects of corporate governance and responsibility and the laws of economic crime.

You will be offered a varied selection of taught modules from which you can choose, enabling you to gear your qualification to set you on your desired career trajectory.

Topics you can cover include regulatory and transactional areas, including monetary law, banking law, capital markets and securities regulation, corporate finance, restructuring and insolvency, central banking and international finance law including developments, such as ethics in business and finance, digitalization, regulation of crypto assets and FinTech, sustainability and climate change.

Learn more about Queen Mary's expertise in banking and finance law [PDF 1,621KB] .

You will have voluntary access to an excellent series of lectures in  Critical Thinking and Writing in Law to help you to improve your writing and research in law skills.

We only allow one application from our range of LLM programmes so please ensure you apply for your main programme of interest. Please note you can request to change programme at offer stage via your MYSIS admissions portal and also request this after enrolment via the School of Law Taught Programme office.

Join  the Queen Mary Network  and speak to our community about this programme.

You will need to complete 180 credits in total:

Full year programme:

• 180 credits of taught modules (this can include a 30 credits elective dissertation)

Please see the link to the academic year plan for an idea of the structure of the programme and key periods of assessment:

• September 2023 full year programme

Draft timetables

• PG Law programme draft timetable semester A23 [PDF 815KB]
• PG Law programme draft timetable semester B23 [PDF 721KB]
• PG Law programme draft timetable semester C23 [PDF 617KB]

Postgraduate Open Event

Join us online for our next Postgraduate Open Event on Thursday 24 October 2024 where you can find out more about student life and study at Queen Mary.

View the full list of modules available on this programme .

• You will be assessed by a range of methods combining examinations and coursework which will be fully explained in your student pack available during induction.
• For any elective dissertation, you will undertake self-directed research and writing with the support of an allocated supervisor.

Read our  FAQs for more information about applying to us .

Dissertation

You can opt to complete an elective dissertation worth 30 credits.

The beauty of the programme is the fact that I have been able to combine modules across specialisms... I have decided to undertake a module in competition law in my third semester, as I believe it will enhance the grounding in M&As that I am currently gaining in another module. — Roy Kiruri, Banking and Finance Law LLM (2022)

You will be taught by a mixture of formal lectures and small group seminars. The seminars are designed to generate informed discussion around set topics, and may involve student presentations and group exercises as well as open discussion.

You will have a team of advisers to support you, including the LLM and Programme Academic Directors, your module convenors and, for an elective dissertation, your dissertation supervisor.

Professor Peter Alldridge

LLB (Lond), LLM (Wales)

Professor Alldridge has served as a Specialist Adviser to joint Parliamentary Committees and is a Fellow of the Academy of Social Sciences. He has published widely in the areas of criminal law, evidence, legal education, law and information technology, medical law, and law and disability.

Dr Andromachi Georgosouli

PhD and LLM (CCLS, Queen Mary University of London); LLB (Democritus University of Thrace, Greece)

Dr Georgosouli’s research is policy-oriented and focuses on institutional and legal aspects of financial crisis prevention and management. She is the co-editor of Systemic Risk and the Future of Insurance Regulation (Routledge/INFORMA, Lloyd’s Insurance Law Library series).

Professor Miriam Goldby

BA LLD (Malta) LLM (LSE) PhD (UCL)

Dr Miriam Goldby is Professor of Shipping, Insurance and Commercial Law. She authored Electronic Documents in Maritime Trade: Law and Practice (OUP), and has published extensively in the fields of shipping, insurance and financial law.

Professor Ioannis Kokkoris

BA Economics (Essex), MPhil Economics (Cambridge) LLM (Warwick), PhD (Kings College London)

Professor Kokkoris is Vice Chairman of the Institute of Studies in Competition Law and Policy. His main research interests are in law and economics, comparative competition law/economics and policy focusing on EU, China and ASEAN, as well as intellectual property, and financial regulation.

Professor Rosa María Lastra

Professor Lastra’s research concerns financial law and regulation, central banking, international banking, international monetary law, law reform in emerging economies, law and economics, EU financial law, commercial law, banking law, sovereign debt, international economic law and bank resolution.

Professor Rodrigo Olivares-Caminal

LLB (Bue), LLM (Warwick) and PhD (London)

Professor Olivares-Caminal specialises in international finance and insolvency law. He has acted as a consultant to central banks and sovereign states. He is the author/editor of seven books and has extensively published in peer-reviewed journals.

Dr Costanza Russo

Dr Russo practiced corporate and commercial law as a solicitor in Italy. Her expertise includes cross border bank insolvency, international banking regulation and finance, company law, CSR and business ethics. She has extensively presented and written in academic and practitioners’ journals.

Professor George Walker

BA, LLB (Glas), DAES (Bruges), LLM (Lond), PHD (Lond), DPHIL (Oxon), PhD (Cantab)

Professor Walker is a barrister and is author of the leading reference texts International Banking Regulation – Law, Policy and Practice (Kluwer, 2001) and European Banking Law – Policy and Programme Construction (British Institute of International Comparative and Commercial Law (BICCL) 2006).

Where you'll learn

• Free access to online databases and collections including: LexisNexis, Westlaw, Justis, Eur-lex, Hein-Online and many more
• The Postgraduate School of Law Centre in Lincoln's Inn Fields and the Graduate Centre at Mile End
• Queen Mary’s excellent Law Library and European Documentation Centre
• Access to the University of London’s Institute of Advanced Legal Studies (IALS) and the Library at Senate House

Teaching is primarily based at the School of Law's postgraduate centre, the Centre for Commercial Law Studies (CCLS), located in  Lincoln's Inn Fields . This area is home to numerous barristers’ chambers and law firms and is a short walk from the Royal Courts of Justice. Our academics and students interact with leading legal professionals, many of whom regularly teach and take part in our seminars and conferences. 

Depending on the modules you choose, you may also have classes at the  Mile End Campus  or at one of the Queen Mary campus locations (Charterhouse Square or West Smithfield).

Administration for this programme is based at Lincoln's Inn fields.

About the School

The school of law.

The School of Law is part of Queen Mary University of London, a member of both the University of London and the  Russell Group.   The School was ranked 7th in the UK and 32nd in the world by QS World University Rankings by Subject 2023 , and 10th in the UK  and 50th in world in the Times Higher Education World University Rankings 2024 by subject .

The School of Law has consistently been ranked in the top 10 law schools in the UK for the quality of our research and teaching, and many of our internationally recognised staff act as advisers to governments, industry and NGOs, both nationally and internationally.

The School's central focus is on the role of law and its institutions in contemporary international society. The School of Law is divided into two organisational units: the Department of Law and the Centre for Commercial Law Studies (CCLS). The School of Law hosts the largest and most diverse LLM programme in the UK.

School of Law

• Tel: +44 (0)20 7882 8223

Career paths

This programme will enhance your career options by allowing you to specialise in the highly sought after interdisciplinary areas of law, economics and finance. We have specialist career advisers who organise events and assist with finding internship opportunities at UK and international law firms and other employers.

Graduates of this LLM have gone on to work as:

• Lawyers in law firms such as Linklaters, Baker McKenzie, and Clifford Chance
• Policymakers at a wide variety of institutions such as the European Central Bank and the Financial Conduct Authority
• Legal officers and analysts at financial institutions such as Lloyds and Barclays

After graduating from Queen Mary, you join our network of alumni from over 100 countries , and get access to exclusive benefits and networking opportunities.

The curriculum emphasized practical applications of the law, which proved to be an immense asset in pursuing a legal career. The faculty and mentors here are experts in their fields and have significantly contributed to my professional growth. — Shivam Padale, Banking and Finance Law LLM (2023)

Fees and funding

Full-time study.

September 2025 | 1 year

• Home: £19,800
• Overseas: £31,500 EU/EEA/Swiss students

Conditional deposit

Overseas: £2000 Information about deposits

Part-time study

September 2025 | 2 years

• Home: £9,900
• Overseas: £15,750 EU/EEA/Swiss students

Queen Mary alumni can get a £1000, 10% or 20% discount on their fees depending on the programme of study. Find out more about the Alumni Loyalty Award

There are a number of ways you can fund your postgraduate degree.

School of Law scholarships

The School of Law offers a range of scholarships for Law Masters programmes each year, including the new School of Law Postgraduate Scholarships . Full details are made available on the law funding page from October – November each year.

Other sources of funding

• Scholarships and bursaries
• Postgraduate loans (UK students)
• Country-specific scholarships for international students

Our Advice and Counselling service offers specialist support on financial issues, which you can access as soon as you apply for a place at Queen Mary. Before you apply, you can access our funding guides and advice on managing your money:

• Advice for UK and EU students
• Advice for international students

Entry requirements

Degree requirements.

Law graduates with a 2:2 honours degree who also have other legal qualifications and/or substantial professional legal experience may also qualify.

Other routes

Non-law graduates with a minimum second class honours degree, that have also obtained a Merit (or 60 per cent) in the Common Professional Examination (CPE) or Graduate Diploma in Law (GDL) recognised by the UK professional bodies, may also qualify. Non-law graduates may also be considered on the basis of exceptional professional experience (of at least five years) in a legal area or an area directly related to their programme of study.

Find out more about how to apply for our postgraduate taught courses.

International

Afghanistan We normally consider the following qualifications for entry to our postgraduate taught programmes: Master Degree from a recognised institution. UK 1st class degree: 90%; or GPA 3.7 out of 4.0 UK 2:1 degree: 80%; or GPA 3.0 out of 4.0 UK 2:2 degree: 70%; or GPA 2.4 out of 4.0

Albania We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8 out of 10 UK 2:2 degree: 7 out of 10

Algeria We normally consider the following qualifications for entry to our postgraduate taught programmes: Licence; Diplome de [subject area]; Diplome d'Etudes Superieures; Diplome de Docteur end Pharmacie; or Diplome de Docteur en Medecine from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Angola We normally consider the following qualifications for entry to our postgraduate taught programmes: Grau de Licenciado/a (minimum 4 years) from selected institutions. UK 1st class degree: 17 out of 20 UK 2:1 degree: 15 out of 20 UK 2:2 degree: 13 out of 20

Argentina We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo/ Grado de Licenciado/ Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 9 out of 10 UK 2:1 degree: 7.5 out of 10 UK 2:2 degree: 6.5 out of 10

Armenia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma from a recognised institution. UK 1st class degree: 87 out of 100 UK 2:1 degree: 75 out of 100 UK 2:2 degree: 61 out of 100

Australia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) or Bachelor Honours degree from a recognised institution. UK 1st class degree: High Distinction; or First Class with Honours UK 2:1 degree: Distinction; or Upper Second Class with Honours UK 2:2 degree: Credit; or Lower Second Class with Honours

Austria We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 1.5 out of 5.0 UK 2:1 degree: 2.5 out of 5.0 UK 2:2 degree: 3.5 out of 5.0

The above relates to grading scale where 1 is the highest and 5 is the lowest.

Azerbaijan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma from a recognised institution. UK 1st class degree: 90%; or GPA 4.7 out of 5 UK 2:1 degree: 80%; or GPA 4 out of 5 UK 2:2 degree: 70%; or GPA 3.5 out of 5

Bahamas We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from the University of West Indies. UK 1st class degree: First Class Honours UK 2:1 degree: Upper Second Class Honours UK 2:2 degree: Lower Second Class Honours

Bahrain We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0; or 90 out of 100 UK 2:1 degree: GPA 3.0 out of 4.0; or 80 out of 100 UK 2:2 degree: GPA 2.3 out of 4.0; or 74 out of 100

Bangladesh We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from selected institutions. UK 1st class degree: GPA 3.2 to 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 to 3.3 out of 4.0 UK 2:2 degree: GPA 2.3 to 2.7 out of 4.0

Offer conditions will vary depending on the institution you are applying from.  For some institutions/degrees we will ask for different grades to above, so this is only a guide. 

Barbados We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from the University of West Indies, Cave Hill or Barbados Community College. UK 1st class degree: First Class Honours*; or GPA 3.7 out of 4.0** UK 2:1 degree: Upper Second Class Honours*; or GPA 3.0 out of 4.0** UK 2:2 degree: Lower Second Class Honours*; or GPA 2.4 out of 4.0**

*relates to: the University of West Indies, Cave Hill.

**relates to: Barbados Community College.

Belarus We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma (minimum 4 years) from a recognised institution. UK 1st class degree: 9 out of 10; or 4.7 out of 5 UK 2:1 degree: 7 out of 10; or 4 out of 5 UK 2:2 degree: 5 out of 10; or 3.5 out of 5

Belgium We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (180 ECTS credits) from a recognised institution. UK 1st class degree: 80% or 16/20*; or 78%** UK 2:1 degree: 70% or 14/20*; or 72%** UK 2:2 degree: 60% or 12/20*; or 65%**

*Flanders (Dutch-speaking)/ Wallonia (French-speaking) **German-speaking

Belize We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from the University of West Indies. UK 1st class degree: First Class Honours UK 2:1 degree: Upper Second Class Honours UK 2:2 degree: Lower Second Class Honours

Benin We normally consider the following qualifications for entry to our postgraduate taught programmes: Maitrise or Masters from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Bolivia We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Bachiller Universitario or Licenciado / Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 85%* or 80%** UK 2:1 degree: 75%* or 70%** UK 2:2 degree: 65%* or 60%**

*relates to: Titulo de Bachiller Universitario

**relates to: Licenciado / Titulo de [subject area] 

Bosnia and Herzegovina We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8.5 out of 10 UK 2:2 degree: 7.5 out of 10

Botswana We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 5 years) or Master Degree from the University of Botswana. UK 1st class degree: 80% UK 2:1 degree: 70% UK 2:2 degree: 60%

Brazil We normally consider the following qualifications for entry to our postgraduate taught programmes: Título de Bacharel / Título de [subject area] or Título de Licenciado/a (minimum 4 years) from a recognised institution. UK 1st class degree: 8.25 out of 10 UK 2:1 degree: 7.5 out of 10 UK 2:2 degree: 6.5 out of 10

The above grades assumes that the grading scale has a pass mark of 5.

Brunei We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours degree from a recognised institution. UK 1st class degree: First Class Honours UK 2:1 degree: Upper Second Class Honours UK 2:2 degree: Lower Second Class Honours

Bulgaria We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 5.75 out of 6.0 UK 2:1 degree: 4.75 out of 6.0 UK 2:2 degree: 4.0 out of 6.0

Burundi We normally consider the following qualifications for entry to our postgraduate taught programmes: Diplome d'Etudes Approfondies from a recognised institution. UK 1st class degree: 85%; or 16 out of 20 UK 2:1 degree: 75%; or 14 out of 20 UK 2:2 degree: 60%; or 12 out of 20

Cambodia We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: 80%; or GPA 3.5 out of 4.0 UK 2:1 degree: 70%; or GPA 3.0 out of 4.0 UK 2:2 degree: 60%; or GPA 2.35 out of 4.0

Cameroon We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree; Licence; Diplome d'Etudes Superieures de Commerce; Diplome d'Ingenieur de Conception/ Travaux; Doctorat en Medecine/ Pharmacie; or Maitrise or Master 1 from selected institutions. UK 1st class degree: 16 out of 20; or GPA 3.6 out of 4.0 UK 2:1 degree: 14 out of 20; or GPA 3.0 out of 4.0 UK 2:2 degree: 12 out of 20; or GPA 2.5 out of 4.0

Canada We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Bachelor Honours Degree from a recognised institution. UK 1st class degree: GPA 3.6 out of 4.0 UK 2:1 degree: GPA 3.2 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Chile We normally consider the following qualifications for entry to our postgraduate taught programmes: Grado de Licenciado en [subject area] or Titulo (Professional) de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 6.5 out of 7 UK 2:1 degree: 5.5 out of 7 UK 2:2 degree: 5 out of 7

China We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from selected institutions. UK 1st class degree: 85 to 95% UK 2:1 degree: 75 to 85% UK 2:2 degree: 70 to 80%

Offer conditions will vary depending on the institution you are applying from.  

Colombia We normally consider the following qualifications for entry to our postgraduate taught programmes: Licenciado en [subject area] or Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 4.60 out of 5.00 UK 2:1 degree: 4.00 out of 5.00 UK 2:2 degree: 3.50 out of 5.00

Congo, Dem. Rep. of We normally consider the following qualifications for entry to our postgraduate taught programmes: Diplome d'Etudes Approfondies or Diplome d'Etudes Speciales from a recognised institution. UK 1st class degree: 16 out of 20; or 90% UK 2:1 degree: 14 out of 20; or 80% UK 2:2 degree: 12 out of 20; or 70%

Congo, Rep. of We normally consider the following qualifications for entry to our postgraduate taught programmes: Diplome d'Etudes Superieures or Maitrise from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Costa Rica We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachiller or Licenciado from a recognised institution. UK 1st class degree: 9 out of 10 UK 2:1 degree: 8 out of 10 UK 2:2 degree: 7.5 out of 10

Croatia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Advanced Diploma of Higher Education Level VII/1 (Diploma - Visoko obrazovanje) from a recognised institution. UK 1st class degree: 4.5 out of 5 UK 2:1 degree: 4 out of 5 UK 2:2 degree: 3 out of 5

Cuba We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado/ Arquitecto/ Doctor/ Ingeniero from a recognised institution. UK 1st class degree: 4.7 out of 5 UK 2:1 degree: 4 out of 5 UK 2:2 degree: 3.5 out of 5

Cyprus We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 8 out of 10; or GPA 3.7 out of 4.0 UK 2:1 degree: 7.0 out of 10; or GPA 3.0 out of 4.0 UK 2:2 degree: 6.0 out of 10; or GPA 2.5 out of 4.0

Czech Republic We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (180 ECTS credits) from a recognised institution. UK 1st class degree: 1.2 out of 4 UK 2:1 degree: 1.5 out of 4 UK 2:2 degree: 2.5 out of 4

The above relates to grading scale where 1 is the highest and 4 is the lowest.

Denmark We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor degree from a recognised institution. UK 1st class degree: 12 out of 12 (2007 onwards); or 11 out of 13 (before 2007) UK 2:1 degree: 7 out of 12 (2007 onwards); or 8 out of 13 (before 2007) UK 2:2 degree: 4 out of 12 (2007 onwards); or 7 out of 13 (before 2007)

Dominican Republic We normally consider the following qualifications for entry to our postgraduate taught programmes: Licenciado/ Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 95/100 UK 2:1 degree: 85/100 UK 2:2 degree: 78/100

Ecuador We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado / Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 90%; or 9/10; or 19/20; or GPA 3.7 out of 4.0 UK 2:1 degree: 80%; or 8/10; or 18/20; or GPA 3.0 out of 4.0 UK 2:2 degree: 70%; or 7/10; or 14/20; or GPA 2.4 out of 4.0

Egypt We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from selected institutions. UK 1st class degree: 85%; or GPA 3.7 out of 4 UK 2:1 degree: 75%; or GPA 3.0 out of 4 UK 2:2 degree: 65%; or GPA 2.5 out of 4

El Salvador We normally consider the following qualifications for entry to our postgraduate taught programmes: Licenciado/ Titulo de [subject area] (minimum 5 years) from a recognised institution. UK 1st class degree: 8.5 out of 10 UK 2:1 degree: 7.5 out of 10 UK 2:2 degree: 6.5 out of 10

Eritrea We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.4 out of 4.0

Estonia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree; University Specialist's Diploma; or Professional Higher Education Diploma from a recognised institution. UK 1st class degree: 4.5 out of 5 UK 2:1 degree: 3.5 out of 5 UK 2:2 degree: 2 out of 5

The above grades assumes that 1 is the pass mark. 

Eswatini We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: 80% UK 2:1 degree: 70% UK 2:2 degree: 60%

Ethiopia We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Fiji We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from one of the following institutions: Fiji National University, the University of Fiji, or the University of South Pacific, Fiji. UK 1st class degree: GPA 4.0 out of 5.0*; or overall grade A with High Distinction pass**; or GPA 4.0 out of 4.5*** UK 2:1 degree: GPA 3.33 out of 5.0*; or overall grade B with Credit pass**; or GPA 3.5 out of 4.5*** UK 2:2 degree: GPA 2.33 out of 5.0*; or overall grade S (Satisfactory)**; or GPA 2.5 out of 4.5***

*relates to Fiji National University

**relate to the University of Fiji

***relates to the University of South Pacific, Fiji

Finland We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree/ Kandidaatti/ Kandidat (minimum 180 ECTS credits) from a recognised institution; or Bachelor degree (Ammattikorkeakoulututkinto/ Yrkeshögskoleexamen) from a recognised University of Applied Sciences. UK 1st class degree: 4.5 out of 5; or 2.8 out of 3 UK 2:1 degree: 3.5 out of 5; or 2 out of 3 UK 2:2 degree: 2.5 out of 5; or 1.4 out of 3

France We normally consider the following qualifications for entry to our postgraduate taught programmes: Licence; Grade de Licence; Diplome d'Ingenieur; or Maitrise from a recognised institution. UK 1st class degree: 14 out of 20 UK 2:1 degree: 12 out of 20 UK 2:2 degree: 11 out of 20

Gambia We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: 80%; or GPA 4.0 out of 4.3 UK 2:1 degree: 67%; or GPA 3.3 out of 4.3 UK 2:2 degree: 60%; or GPA 2.7 out of 4.3

Georgia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma (minimum 4 years) from a recognised institution. UK 1st class degree: 91 out of 100; or 4.7 out of 5 UK 2:1 degree: 81 out of 100; or 4 out of 5 UK 2:2 degree: 71 out of 100; or 3.5 out of 5

Germany We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (180 ECTS credits) from a recognised institution. UK 1st class degree: 1.5 out of 5.0 UK 2:1 degree: 2.5 out of 5.0 UK 2:2 degree: 3.5 out of 5.0

Ghana We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: First Class UK 2:1 degree: Second Class (Upper Division) UK 2:2 degree: Second Class (Lower Division)

Greece We normally consider the following qualifications for entry to our postgraduate taught programmes: Degrees from recognised selected institutions in the University sector or Degrees (awarded after 2003) from recognised Technological Educational Institutes. UK 1st class degree: 8 out of 10*; or 9 out of 10** UK 2:1 degree: 7 out of 10*; or 7.5 out of 10** UK 2:2 degree: 6 out of 10*; or 6.8 out of 10**

*Relates to degrees from the University Sector. **Relates to degrees from Technological Educational Institutes.

Grenada We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from the University of West Indies. UK 1st class degree: First Class Honours UK 2:1 degree: Upper Second Class Honours UK 2:2 degree: Lower Second Class Honours

Guatemala We normally consider the following qualifications for entry to our postgraduate taught programmes: Licenciado / Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 90% UK 2:1 degree: 80% UK 2:2 degree: 70%

The above grades assumes that the pass mark is 61% or less.

Guinea We normally consider the following qualifications for entry to our postgraduate taught programmes: Master; Maitrise; Diplome d'Etudes Superieures; or Diplome d'Etudes Approfondies from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Guyana We normally consider the following qualifications for entry to our postgraduate taught programmes: Graduate Diploma (Postgraduate) or Masters degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.4 out of 4.0

Honduras We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado/a / Grado Academico de Licenciatura (minimum 4 years) from a recognised institution. UK 1st class degree: 90%; or 4.7 out of 5; or GPA 3.7 out of 4.0 UK 2:1 degree: 80%; or 4.0 out of 5; or GPA 3.0 out of 4.0 UK 2:2 degree: 70%; or 3.5 out of 5; or GPA 2.4 out of 4.0

Hong Kong We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours Degree from selected institutions. UK 1st class degree: First Class Honours UK 2:1 degree: Upper Second Class Honours UK 2:2 degree: Lower Second Class Honours

Hungary We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor degree (Alapfokozat) or University Diploma (Egyetemi Oklevel) from a recognised institution. UK 1st class degree: 4.75 out of 5 UK 2:1 degree: 4 out of 5 UK 2:2 degree: 3.5 out of 5

Iceland We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor degree (Baccalaureus or Bakkalarprof) from a recognised institution. UK 1st class degree: 8.25 out of 10 UK 2:1 degree: 7.25 out of 10 UK 2:2 degree: 6.5 out of 10

India We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from selected institutions. UK 1st class degree: 75% to 80% UK 2:1 degree: 60% to 70% UK 2:2 degree: 50% to 60%

Offer conditions will vary depending on the institution you are applying from.  For some institutions/degrees we will ask for different grades to above, so this is only a guide.  

For India, offers may be made on the GPA scale.

We do not consider the Bachelor of Vocation (B. Voc.) for Masters entry.

Indonesia We normally consider the following qualifications for entry to our postgraduate taught programmes: Sarjna I (S1) Bachelor Degree or Diploma IV (D4) (minimum 4 years) from selected degree programmes and institutions. UK 1st class degree: GPA 3.6 to 3.8 out of 4.0 UK 2:1 degree: GPA 3.0 to 3.2 out of 4.0 UK 2:2 degree: GPA 2.67 to 2.8 out of 4.0

Offer conditions will vary depending on the institution you are applying from and the degree that you study.

Iran We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 17.5 to 18.5 out of 20 UK 2:1 degree: 15 to 16 out of 20 UK 2:2 degree: 13.5 to 14 out of 20

Iraq We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from a recognised institution. UK 1st class degree: 85 out of 100 UK 2:1 degree: 75 out of 100 UK 2:2 degree: 60 out of 100

Ireland We normally consider the following qualifications for entry to our postgraduate taught programmes: Honours Bachelor Degree from a recognised institution. UK 1st class degree: First Class Honours UK 2:1 degree: Second Class Honours Grade I UK 2:2 degree: Second Class Honours Grade II

Israel We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 90% UK 2:1 degree: 80% UK 2:2 degree: 65%

Italy We normally consider the following qualifications for entry to our postgraduate taught programmes: Laurea (180 ECTS credits) from a recognised institution. UK 1st class degree: 110 out of 110 UK 2:1 degree: 105 out of 110 UK 2:2 degree: 94 out of 110

Cote D’ivoire (Ivory Coast) We normally consider the following qualifications for entry to our postgraduate taught programmes: Diplome d'Ingenieur; Doctorat en Medicine; Maitrise; Master; Diplome d'Etudes Approfondies; or Diplome d'Etudes Superieures Specialisees from selected institutions. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Jamaica We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from the University of West Indies (UWI) or a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0; or First Class Honours from the UWI UK 2:1 degree: GPA 3.0 out of 4.0; or Upper Second Class Honours from the UWI UK 2:2 degree: GPA 2.4 out of 4.0; or Lower Second Class Honours from the UWI

Japan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from selected institutions. UK 1st class degree: S overall* or A overall**; or 90%; or GPA 3.70 out of 4.00 UK 2:1 degree: A overall* or B overall**; or 80%; or GPA 3.00 out of 4.00 UK 2:2 degree: B overall* or C overall**; or 70%; or GPA 2.3 out of 4.00

*Overall mark is from the grading scale: S, A, B, C (S is highest mark) **Overall mark is from the grading scale: A, B, C, D (A is highest mark)

Jordan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 85%; or GPA of 3.7 out of 4.0 UK 2:1 degree: 75%; or GPA of 3.0 out of 4.0 UK 2:2 degree: 70%; or GPA of 2.5 out of 4.0

Kazakhstan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma from a recognised institution. UK 1st class degree: 3.8 out of 4.0/4.33; or 4.7 out of 5 UK 2:1 degree: 3.33 out of 4.0/4.33; or 4.0 out of 5 UK 2:2 degree: 2.67 out of 4.0/4.33; or 3.5 out of 5

Kenya We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from a recognised institution. UK 1st class degree: First Class Honours; or GPA 3.6 out of 4.0 UK 2:1 degree: Second Class Honours Upper Division; or GPA 3.0 out of 4.0 UK 2:2 degree: Second Class Honours Lower Division; or GPA 2.4 out of 4.0

Kosovo We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8.5 out of 10 UK 2:2 degree: 7.5 out of 10

Kuwait We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.67 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.67 out of 4.0

Kyrgyzstan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma (minimum 4 years) from a recognised institution. UK 1st class degree: 4.7 out of 5; or GPA 3.7 out of 4 UK 2:1 degree: 4.0 out of 5; or GPA 3.0 out of 4 UK 2:2 degree: 3.5 out of 5; or GPA 2.4 out of 4

Laos We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.4 out of 4.0

Latvia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (awarded after 2002) from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 7.5 out of 10 UK 2:2 degree: 6 out of 10

Lebanon We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree; Licence; or Maitrise from a recognised institution. UK 1st class degree: 90% or Grade A; or GPA 3.7 out of 4.0; or 16 out of 20 (French system) UK 2:1 degree: 80% or Grade B; or GPA 3.0 out of 4.0; or 13 out of 20 (French system) UK 2:2 degree: 70% or Grade C; or GPA 2.5 out of 4.0; or 12 out of 20 (French system)

Lesotho We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours Degree (minimum 5 years total HE study); Masters Degree or Postgraduate Diploma from selected institutions. UK 1st class degree: 80% UK 2:1 degree: 70% UK 2:2 degree: 60%

Liberia We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: 90% or GPA 3.7 out of 4.0 UK 2:1 degree: 80% or GPA 3.0 out of 4.0 UK 2:2 degree: 70% or GPA 2.4 out of 4.0

Libya We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from selected institutions. UK 1st class degree: 85%; or 3.7 out of 4.0 GPA UK 2:1 degree: 75%; or 3.0 out of 4.0 GPA UK 2:2 degree: 65%; or 2.6 out of 4.0 GPA

Liechtenstein We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (180 ECTS credits) from a recognised institution. UK 1st class degree: 5.6 out of 6.0 UK 2:1 degree: 5.0 out of 6.0 UK 2:2 degree: 4.4 out of 6.0

Lithuania We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 180 ECTS credits) from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8 out of 10 UK 2:2 degree: 7 out of 10

Luxembourg We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Macau We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (Licenciatura) (minimum 4 years) from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Macedonia We normally consider the following qualifications for entry to our postgraduate taught programmes: Diploma of Completed Higher Education - Level VII/1 or Bachelor Degree from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8.5 out of 10 UK 2:2 degree: 7 out of 10

Madagascar We normally consider the following qualifications for entry to our postgraduate taught programmes: Maîtrise; Diplome d'Ingenieur; Diplôme d'Etat de Docteur en Médecine; Diplôme d’Etat de Docteur en Chirurgie Dentaire; Diplôme d'Études Approfondies; Diplôme de Magistère (Première Partie) – also known as Master 1; or Diplôme de Master – also known as Master 2 from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Malawi We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from selected institutions. UK 1st class degree: 80% or GPA 3.7 out of 4.0 UK 2:1 degree: 70% or GPA 3.0 out of 4.0 UK 2:2 degree: 60% or GPA 2.4 out of 4.0

Malaysia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: Class 1; or 3.7 out of 4.0 CGPA UK 2:1 degree: Class 2 division 1; or 3.0 out of 4.0 CGPA UK 2:2 degree: Class 2 division 2; or 2.6 out of 4.0 CGPA

Maldives We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (awarded from 2000) from the Maldives National University. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Malta We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Bachelor Honours Degree from a recognised institution. UK 1st class degree: First Class Honours; or Category I UK 2:1 degree: Upper Second Class Honours; or Category IIA UK 2:2 degree: Lower Second Class Honours; or Category IIB

Mauritius We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: Class I; or 70% UK 2:1 degree: Class II division I; or 60% UK 2:2 degree: Class II division II; or 50%

Offer conditions will vary depending on the grading scale used by your institution.

Mexico We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado/ Titulo (Profesional) de [subject area] from a recognised institution. UK 1st class degree: 9.0 to 9.5 out of 10 UK 2:1 degree: 8.0 to 8.5 out of 10 UK 2:2 degree: 7.0 to 7.5 out of 10

Offer conditions will vary depending on the grading scale your institution uses.

Moldova We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (Diploma de Licenta) from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8 out of 10 UK 2:2 degree: 6.5 out of 10

Monaco We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Mongolia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from selected institutions. UK 1st class degree: GPA 3.6 out of 4.0; or 90%; or grade A UK 2:1 degree: GPA 3.2 out of 4.0; or 80%; or grade B UK 2:2 degree: GPA 2.8 out of 4.0; or 70%; or grade C

Montenegro We normally consider the following qualifications for entry to our postgraduate taught programmes: Diploma of Completed Academic Undergraduate Studies; Diploma of Professional Undergraduate Studies; or Advanced Diploma of Higher Education from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8.5 out of 10 UK 2:2 degree: 7 out of 10

Morocco We normally consider the following qualifications for entry to our postgraduate taught programmes: Diplome d'Ecoles Nationales de Commerce et de Gestion; Diplome de Docteur Veterinaire; Doctorat en Medecine; Docteur en Medecine Dentaire; Licence; Diplome d'Inegeniuer d'Etat; Diplome de Doctorat en Pharmacie; or Maitrise from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 13 out of 20 UK 2:2 degree: 11 out of 20

Mozambique We normally consider the following qualifications for entry to our postgraduate taught programmes: Grau de Licenciado (minimum 4 years) or Grau de Mestre from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Myanmar We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: 80% or GPA of 4.7 out of 5.0 UK 2:1 degree: 70% or GPA of 4.0 out of 5.0 UK 2:2 degree: 60% or GPA of 3.5 out of 5.0

Namibia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours Degree or Professional Bachelor Degree (NQF level 8 qualifications) - these to be awarded after 2008 from a recognised institution. UK 1st class degree: 80% UK 2:1 degree: 70% UK 2:2 degree: 60%

Nepal We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from selected institutions. UK 1st class degree: 80%; or GPA 3.7 out of 4.0 UK 2:1 degree: 65%; or GPA 3.0 out of 4.0 UK 2:2 degree: 55%; or GPA of 2.4 out of 4.0

Bachelor in Nursing Science are not considered equivalent to UK Bachelor degrees.

Netherlands We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 8 out of 10 UK 2:1 degree: 7 out of 10 UK 2:2 degree: 6 out of 10

New Zealand We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) or Bachelor Honours Degree from a recognised institution. UK 1st class degree: A-*; or First Class Honours** UK 2:1 degree: B*; or Second Class (Division 1) Honours** UK 2:2 degree: C+*; or Second Class (Division 2) Honours**

*from a Bachelor degree **from a Bachelor Honours degree

Nigeria We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from selected institutions. UK 1st class degree: GPA 4.50 out of 5.00; or GPA 6.0 out of 7.0 UK 2:1 degree: GPA 3.50 out of 5.00; or GPA 4.6 out of 7.0 UK 2:2 degree: GPA 2.80 out of 5.00; or GPA 3.0 out of 7.0

Norway We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (180 ECTS credits) from a recognised institution. UK 1st class degree: Overall B grade with at least 75 ECTS (of 180 ECTS min overall) at grade A or above. UK 2:1 degree: Overall B grade UK 2:2 degree: Overall C grade

Oman We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Pakistan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from selected institutions. UK 1st class degree: GPA 3.0 to 3.8 out of 4.0 UK 2:1 degree: GPA 2.6 to 3.6 out of 4.0 UK 2:2 degree: GPA 2.0 to 3.0 out of 4.0

Palestine, State of We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 90% or GPA 3.7 out of 4.0 UK 2:1 degree: 80% or GPA 3.0 out of 4.0 UK 2:2 degree: 70% or GPA 2.4 out of 4.0

Panama We normally consider the following qualifications for entry to our postgraduate taught programmes: Licenciado / Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 91% UK 2:1 degree: 81% UK 2:2 degree: 71%

Papua New Guinea We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours Degree from a recognised institution. UK 1st class degree: Class I UK 2:1 degree: Class II, division A UK 2:2 degree: Class II, division B

Paraguay We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado / Titulo de [professional title] (minimum 4 years) from a recognised institution. UK 1st class degree: 4.7 out of 5 UK 2:1 degree: 4 out of 5 UK 2:2 degree: 3.5 out fo 5

Peru We normally consider the following qualifications for entry to our postgraduate taught programmes: Grado Academico de Bachiller or Titulo de Licenciado/ Titulo (Professional) de [subject area] from a recognised institution. UK 1st class degree: 17 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Philippines We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from selected institutions or Juris Doctor; Bachelor of Laws; Doctor of Medicine; Doctor of Dentistry/ Optometry/ Veterinary Medicine; or Masters Degree from recognised institutions. UK 1st class degree: 3.6 out of 4.0; or 94%; or 1.25 out of 5 UK 2:1 degree: 3.0 out of 4.0; or 86%; or 1.75 out of 5 UK 2:2 degree: 2.5 out of 4.0; or 80%; or 2.5 out of 5

The above 'out of 5' scale assumes  1 is highest mark and 3 is the pass mark.

Poland We normally consider the following qualifications for entry to our postgraduate taught programmes: Licencjat or Inzynier (minimum 3 years) - these must be awarded after 2001 from a recognised institution. UK 1st class degree: 4.8 out of 5.0 UK 2:1 degree: 4.5 out of 5.0 UK 2:2 degree: 3.8 out of 5.0

The above grades are based on the 2 to 5 scale, where 3 is the pass mark and 5 is the highest mark.

Portugal We normally consider the following qualifications for entry to our postgraduate taught programmes: Licenciado (minimum 180 ECTS credits) or Diploma de Estudos Superiores Especializados (DESE) from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 14 out of 20 UK 2:2 degree: 12 out of 20

Puerto Rico We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from a recognised institution. UK 1st class degree: 90/100 or GPA 3.7 out of 4.0 UK 2:1 degree: 80/100 or GPA 3.0 out of 4.0 UK 2:2 degree: 70/100 or GPA 2.4 out of 4.0

Qatar We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0; or GPA 4.4 out of 5.0 UK 2:1 degree: GPA 3.0 out of 4.0; or GPA 3.6 out of 5.0 UK 2:2 degree: GPA 2.4 out of 4.0; or GPA 2.8 out of 5.0

Romania We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 180 ECTS credits) from a recognised institution. UK 1st class degree: 9.75 out of 10 UK 2:1 degree: 8.0 out of 10 UK 2:2 degree: 7.0 out of 10

Russia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma from a recognised institution. UK 1st class degree: 4.7 out of 5 UK 2:1 degree: 4.0 out of 5 UK 2:2 degree: 3.5 out of 5

Rwanda We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours Degree (minimum 4 years) from a recognised institution. UK 1st class degree: 85%; or 17 out of 20 UK 2:1 degree: 70%; or 15 out of 20 UK 2:2 degree: 60%; or 13 out of 20

Saudi Arabia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 4.75 out of 5.0; or GPA 3.75 out of 4.0 UK 2:1 degree: GPA 3.75 out of 5.0; or GPA 3.0 out of 4.0 UK 2:2 degree: GPA 3.0 out of 5.0; or GPA 2.4 out of 4.0

Senegal We normally consider the following qualifications for entry to our postgraduate taught programmes: Maîtrise; Master II; Diplôme d'Études Approfondies (DEA); Diplôme d'Études Supérieures Specialisées (DESS); Diplôme d'État de Docteur en Médecine; Diplôme d'Ingénieur; Diplôme de Docteur en Chirurgie Dentaire; or Diplôme de Pharmacien from a recognised institution. UK 1st class degree: 16/20 UK 2:1 degree: 14/20 UK 2:2 degree: 12/20

Serbia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Advanced Diploma of Higher Education from a recognised institution. UK 1st class degree: 9 out of 10 UK 2:1 degree: 8 out of 10 UK 2:2 degree: 7 out of 10

Sierra Leone We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (Honours) or a Masters degree from a recognised institution. UK 1st class degree: First Class honours; or GPA 4.7 out of 5; or GPA 3.75 out of 4 UK 2:1 degree: Upper Second Class honours; or GPA 4 out of 5; or GPA 3.25 out of 4 UK 2:2 degree: Lower Second Class Honours; or GPA 3.4 out of 5; or GPA 2.75 out of 4

Singapore We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) or Bachelor Honours degree from selected institutions. UK 1st class degree: GPA 4.3 out of 5.0; or GPA 3.6 out of 4.0 UK 2:1 degree: GPA 3.8 out of 5.0; or GPA 3.0 out of 4.0 UK 2:2 degree: GPA 3.3 out of 5.0; or GPA 2.5 out of 4.0

Slovakia We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (180 ECTS credits) (minimum 3 years) from a recognised institution. UK 1st class degree: 93%; or 1 overall (on 1 to 4 scale, where 1 is highest mark) UK 2:1 degree: 86%; or 1.5 overall (on 1 to 4 scale, where 1 is highest mark) UK 2:2 degree: 72%; or 2.5 overall (on 1 to 4 scale, where 1 is highest mark)

Slovenia We normally consider the following qualifications for entry to our postgraduate taught programmes: Univerzitetni Diplomant (180 ECTS credits) (minimum 3 years) from a recognised institution. UK 1st class degree: 9.5 out of 10 UK 2:1 degree: 8 out of 10 UK 2:2 degree: 7 out of 10

Somalia Bachelor degrees from Somalia are not considered for direct entry to our postgraduate taught programmes. Holders of Bachelor degrees from Somali National University can be considered for our Pre-Masters programmes on a case by case basis.

South Africa We normally consider the following qualifications for entry to our postgraduate taught programmes: NQF Level 8 qualifications such as Bachelor Honours degrees or Professional Bachelor degrees from a recognised institution. UK 1st class degree: 75% UK 2:1 degree: 70% UK 2:2 degree: 60%

South Korea We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) from a recognised institution. UK 1st class degree: GPA 4.2 out of 4.5; or GPA 4.0 out of 4.3; or GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.5 out of 4.5; or GPA 3.3 out of 4.3; or GPA 3.2 out of 4.0 UK 2:2 degree: GPA 3.0 out of 4.5; or GPA 2.8 out of 4.3; or GPA 2.5 out of 4.0

Spain We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo Universitario Oficial de Graduado en [subject area] (Grado) or Titulo Universitario Oficial de Licenciado en [subject area] (Licenciatura) from a recognised institution. UK 1st class degree: 8.0 out of 10; or 2.5 out of 4.0 UK 2:1 degree: 7.0 out of 10; or 2.0 out of 4.0 UK 2:2 degree: 6.0 out of 10; or 1.5 out of 4.0

Sri Lanka We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (Special or Honours) or Bachelor Degree (Professional) (minimum 4 years) from a recognised institution. UK 1st class degree: GPA 3.5 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.4 out of 4.0

Sudan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Honours degree from a recognised institution or Bachelor degree in one of the following Professional subjects: Architecture; Dentistry; Engineering; Medicine/Surgery from a recognised institution. UK 1st class degree: 80% UK 2:1 degree: 65% UK 2:2 degree: 60%

Sweden We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (Kandidatexamen) or Professional Bachelor Degree (Yrkesexamenfrom) (180 ECTS credits) from a recognised institution. UK 1st class degree: Overall B grade with at least 75 ECTS at grade A or above (180 ECTS minimum overall); or at least 65% of credits graded at VG overall UK 2:1 degree: Overall B grade (180 ECTS minimum overall); or at least 50% of credits graded at VG overall UK 2:2 degree: Overall C grade (180 ECTS minimum overall); or at least 20% of credits graded at VG overall.

Switzerland We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor degree (180 ECTS credits) from a recognised institution. UK 1st class degree: 5.5 out of 6; or 9 out of 10 UK 2:1 degree: 5 out of 6; or 8 out of 10 UK 2:2 degree: 4.25 out of 6; or 7 out of 10

Syria We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 85% UK 2:1 degree: 75% UK 2:2 degree: 65%

Taiwan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from selected institutions. UK 1st class degree: 85 to 90% UK 2:1 degree: 70 to 75% UK 2:2 degree: 65 to 70%

Tajikistan We normally consider the following qualifications for entry to our postgraduate taught programmes: Specialist Diploma or Masters Degree from a recognised institution. UK 1st class degree: 4.7 out of 5 UK 2:1 degree: 4.0 out of 5 UK 2:2 degree: 3.5 out of 5

Tanzania We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 4.4 out of 5.0 UK 2:1 degree: GPA 3.5 out of 5.0 UK 2:2 degree: GPA 2.7 out of 5.0

Thailand We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.40 to 3.60 out of 4.00 UK 2:1 degree: GPA 3.00 to 3.20 out of 4.00 UK 2:2 degree: GPA 2.40 to 2.60 out of 4.00

Offer conditions will vary depending on the institution you are applying from.

Trinidad and Tobago We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0; or First Class Honours from the University of West Indies UK 2:1 degree: GPA 3.0 out of 4.0; or Upper Second Class Honours from the University of West Indies UK 2:2 degree: GPA 2.4 out of 4.0; or Lower Second Class Honours from the University of West Indies

Tunisia We normally consider the following qualifications for entry to our postgraduate taught programmes: Licence; Diplome National d'Architecture; Maitrise; Diplome National d'Ingeniuer; or Doctorat en Medecine / Veterinaire from a recognised institution. UK 1st class degree: 16 out of 20 UK 2:1 degree: 13 out of 20 UK 2:2 degree: 11 out of 20

Turkey We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.40 to 3.60 out of 4.00 UK 2:1 degree: GPA 2.80 to 3.00 out of 4.00 UK 2:2 degree: GPA 2.30 to 2.50 out of 4.00

Turkish Republic of Northern Cyprus We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.60 out of 4.00 UK 2:1 degree: GPA 3.00 out of 4.00 UK 2:2 degree: GPA 2.50 out of 4.00

Turkmenistan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Diploma of Higher Education (awarded after 2007) from a recognised institution. UK 1st class degree: 4.7 out of 5 UK 2:1 degree: 4.0 out of 5 UK 2:2 degree: 3.5 out of 5

Turks and Caicos Islands We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (accredited by the Council of Community Colleges of Jamaica) from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0; or 80% UK 2:1 degree: GPA 3.3 out of 4.0; or 75% UK 2:2 degree: GPA 2.7 out of 4.0; or 65%

Uganda We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 3 years) from a recognised institution. UK 1st class degree: GPA 4.4 out of 5.0 UK 2:1 degree: GPA 4.0 out of 5.0 UK 2:2 degree: GPA 3.0 out of 5.0

Ukraine We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree or Specialist Diploma from a recognised institution. UK 1st class degree: 10 out of 12; or 4.7 out of 5 UK 2:1 degree: 8 out of 12; or 4.0 out of 5 UK 2:2 degree: 6 out of 12; or 3.5 out of 5

United Arab Emirates We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.0 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

United States of America We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: GPA 3.7 out of 4.0 UK 2:1 degree: GPA 3.2 out of 4.0 UK 2:2 degree: GPA 2.5 out of 4.0

Uruguay We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado/ Titulo de [subject area] (minimum 4 years) from a recognised institution. UK 1st class degree: 10 to 11 out of 12 UK 2:1 degree: 7 to 9 out of 12 UK 2:2 degree: 6 to 7 out of 12

Uzbekistan We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) or Specialist Diploma from a recognised institution. UK 1st class degree: 90%; or 4.7 out of 5 UK 2:1 degree: 80%; or 4.0 out of 5 UK 2:2 degree: 71%; or 3.5 out of 5

Venezuela We normally consider the following qualifications for entry to our postgraduate taught programmes: Titulo de Licenciado/ Titulo de [subject area] from a recognised institution. UK 1st class degree: 81% UK 2:1 degree: 71% UK 2:2 degree: 61%

Non-percentage grading scales, for example scales out of 20, 10, 9 or 5, will have different requirements. 

Vietnam We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree from a recognised institution. UK 1st class degree: 8.0 out of 10; or GPA 3.7 out of 4 UK 2:1 degree: 7.0 out of 10; or GPA 3.0 out of 4 UK 2:2 degree: 5.7 out of 10; or GPA 2.4 out of 4

Yemen We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters (Majister) degree from a recognised institution. UK 1st class degree: 90% UK 2:1 degree: 80% UK 2:2 degree: 65%

Bachelor Degrees from Lebanese International University (in Yemen) can be considered for entry to postgraduate taught programmes - please see Lebanon for guidance on grade requirements for this.

Zambia We normally consider the following qualifications for entry to our postgraduate taught programmes: Masters Degree from a recognised institution. UK 1st class degree: 75%; or GPA 3.7 out of 4.0 UK 2:1 degree: 65%; or GPA 3.0 out of 4.0 UK 2:2 degree: 55%; or GPA 2.4 out of 4.0

Zimbabwe We normally consider the following qualifications for entry to our postgraduate taught programmes: Bachelor Degree (minimum 4 years) or Bachelor Honours degree from a recognised institution. UK 1st class degree: 75% UK 2:1 degree: 65% UK 2:2 degree: 60%

English language requirements

If you got your degree in an English speaking country or if it was taught in English, and you studied within the last five years, you might not need an English language qualification - find out more .

The minimum English Language requirements for entry to postgraduate degree programmes within the School Law are:

7.0   overall  including 7.0 in Writing, and 5.5 in Reading, Listening and Speaking.

100   overall  including 27 in Writing, 18 in Reading, 17 in Listening and 20 in Speaking.

76  overall  including 76in Writing, and 59 in Reading, Listening and Speaking. 

Trinity College London, Integrated Skills in English (ISE) III with a minimum of  Merit  in Writing, Reading, Listening and Speaking.

185 overall including  185  in Writing, and 162 in Reading, Listening and Speaking.

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PhD/ MPhil/ MSc Finance (Research)

• Visit an Open Day
• Request a prospectus
• Course details
• Entry Requirements
• Teaching and assessment
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The PhD/MPhil/MSc in Finance comprises a short taught component followed by a longer research phase. Taught modules allow you to broaden, as well as deepen, your knowledge of research methods as well as conducting your own research and developing transferable professional skills.

The PhD programme in Finance will facilitate the creation and interpretation of new knowledge by the research student, demonstrated through the thesis. The taught component is designed to ensure that doctoral researchers understand the breath of techniques used in modern social science research.

Doctoral researchers will be capable of analysing a range of data using a range of qualitative and quantitative techniques. They will be able to explain theories underlying different approaches to social science research. Doctoral researchers are expected to participate to the fullest possible extent in the life of the Department of Finance and the Business School. This means attending seminars organised by the Department of Finance and more widely in the Business School thereby helping expose doctoral researchers to new ideas emanating from outside their own area of specialisation. It also requires actively participating in PhD workshops and conferences organised by the Department of Finance, the Business School and Graduate School as well as institutions outside the University of Birmingham.

Ultimately all doctoral researchers will have the ability to characterise and solve business and financial problems using advanced research tools. They should be able to derive policy implications from their research and communicate these to policy makers, practitioners and other academics in a manner which is comprehensible. They will also be able to peer review others’ research and offer constructive criticism; and to extend the frontiers of the discipline through their own innovative research.

Doctoral researchers may choose to become academics, work in Government, businesses, supranational organisations or in the research arms of major financial institutions. They are expected to achieve a substantial understanding of contemporaneous financial and business issues enabling them to take a lead in ongoing debates within society. They will be aware of and understand the function of related institutions at both a national and international level.

Fees 2024 - 2025

• Code: 021B - £4,778 (UK) PhD Full time
• Code: 022B - £2,389 (UK) PhD Part time
• Code: 021B - £23,520 (International) PhD Full time
• Code: 023B - £4,778 (UK) MPhil
• Code: 023B - £23,520 (International) MPhil
• Code: 045B - £4,778 (UK) MSc (Research)
• Code 045B - £23,520 (International) MSc (Research)

Learn more about fees and funding

Scholarships and studentships

A limited number of scholarships may be available to outstanding applicants. International students  can often gain funding through overseas research scholarships, Commonwealth scholarships or their home Government.

For further information contact the School directly or visit our helpdesk.

How To Apply

• How to apply

To apply for a postgraduate research programme, you will need to submit your application and supporting documents online. We have put together some helpful information on the research programme application process and supporting documents on our how to apply page . Please read this information carefully before completing your application.

Our Standard Requirements

The Business School's entry requirement is a good honours degree (first or upper second class honours) awarded by a recognised University in an appropriate subject, and a merit in a relevant Master’s degree. We usually ask students for an average of 65 in the taught component of their Masters. All international students also need to show that they have adequate knowledge of written and spoken English.

Learn more about our entry requirements.

Writing your research proposal

Along with your academic record, your references and your curriculum vitae your research proposal plays a critical role in the evaluation of your application.

Your research proposal should illustrate your ability to plan an independent research study and the relevance of your topic to the research interests and expertise of Birmingham Business School.You need to demonstrate that you understand the field that you plan to research, identify an interesting and original research question, and develop a tentative plan of study. It is highly desirable that your research proposal is written to the guidelines specified below.

Guidelines for the Research Proposal

When clicking on the Apply Now button you will be directed to an application specifically designed for the programme you wish to apply for where you will create an account with the University application system and submit your application and supporting documents online. Further information regarding how to apply online can be found on the how to apply pages.

International Requirements

For entry to a PhD programme, any of the following Masters equivalent programmes with a minimum grade of 8/10 will be considered: - Kandidat i Shkencave (Candidate of Sciences) - Certifikate Specializimi (Specialisation Certificate) - Diplomë e Nivelit të Dytë (Second Level (University) Diploma) - Master i Arteve të Bukura (Master of Fine Arts) - Master i Nivelit të Dytë (Second Level Master's degree ) - Master i Nivelit të Parë (First level Master's degree) - Master Shkencave (Master of Science)

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 14/20 from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Argentinian university, with a promedio of at least 7.5, may be considered for entry to a postgraduate degree programme. Applicants for PhD degrees will normally have a Maestria or equivalent

Applicants who hold a Masters degree will be considered for admission to PhD study.

Holders of a good four-year Diplomstudium/Magister or a Masters degree from a recognised university with a minimum overall grade of 2.5 will be considered for entry to postgraduate research programmes.

Students with a good 5-year Specialist Diploma or 4-year Bachelor degree from a recognised higher education institution in Azerbaijan, with a minimum GPA of 4/5 or 80% will be considered for entry to postgraduate taught programmes at the University of Birmingham.

For postgraduate research programmes applicants should have a good 5-year Specialist Diploma (completed after 1991), with a minimum grade point average of 4/5 or 80%, from a recognised higher education institution or a Masters or “Magistr Diplomu” or “Kandidat Nauk” from a recognised higher education institution in Azerbaijan.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0-3.3/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold a Masters degree from the University of Botswana with a minimum GPA of 3.0/4.0 or 3.5/5.0 (70%/B/'very good') will be considered for Postgraduate Diplomas and Masters degrees.

Please note 4-year bachelor degrees from the University of Botswana are considered equivalent to a Diploma of Higher Education. 5-year bachelor degrees from the University of Botswana are considered equivalent to a British Bachelor (Ordinary) degree.

Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

A Licenciatura or Bacharelado degree from a recognised Brazilian university:

• A grade of 7.5/10 for entry to programmes with a 2:1 requirement
• A grade of 6.5/10for entry to programmes with a 2:2 requirement

Holders of a good Bachelors degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good post-2001 Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Students with a minimum average of 14 out of 20 (or 70%) on a 4-year Licence, Bachelor degree or Diplôme d'Etudes Superieures de Commerce (DESC) or Diplôme d'Ingénieur or a Maîtrise will be considered for Postgraduate Diplomas and Masters degrees.

Holders of a bachelor degree with honours from a recognised Canadian university may be considered for entry to a postgraduate degree programme. A GPA of 3.0/4, 7.0/9 or 75% is usually equivalent to a UK 2.1.

Holders of the Licenciado or equivalent Professional Title from a recognised Chilean university will be considered for Postgraduate Diplomas and Masters degrees. Applicants for PhD study will preferably hold a Magister degree or equivalent.

Students with a bachelor’s degree (4 years minimum) may be considered for entry to a postgraduate degree programme. However please note that we will only consider students who meet the entry guidance below. 

Please note: for the subject areas below we use the Shanghai Ranking 2023 (full table) , Shanghai Ranking 2024 (full table) and Shanghai Ranking of Chinese Art Universities 2024

需要具备学士学位（4年制）的申请人可申请研究生课程。请根据所申请的课程查看相应的入学要求。 请注意，中国院校名单参考 软科中国大学排名2023（总榜） ，  软科中国大学排名2024（总榜） ，以及 软科中国艺术类高校名单2024 。  

Business School (excluding MBA)   and School of Computer Science programmes 商学院 （ MBA除外） 及计算机学院硕士 课程入学要求

* Applicants from Group 4 institutions are only considered for the following 7 programmes

来自第四类院校的申请人仅限于申请以下7个课程：

• MSc Financial Management
• MSc Investments
• MSc Financial Technology
• MSc Economics
• MSc Financial Economics
• MSc Money, Banking and Finance
• MSc Computer Science

All other programmes (including MBA)   所有其他 硕士课程（包括 MBA）入学要求

Please contact the China Recruitment Team for any questions on the above entry requirements.

如果您对录取要求有疑问，请联系伯明翰大学中国办公室   [email protected]  

Holders of the Licenciado/Professional Title from a recognised Colombian university will be considered for our Postgraduate Diploma and Masters degrees. Applicants for PhD degrees will normally have a Maestria or equivalent.

Holders of a good bachelor degree with honours (4 to 6 years) from a recognised university with a upper second class grade or higher will be considered for entry to taught postgraduate programmes.  Holders of a good Masters degree from a recognised university will be considered for entry to postgraduate research programmes.

Holders of a good Bacclaureus (Bachelors) from a recognised Croatian Higher Education institution with a minimum overall grade of 4.0 out of 5.0, vrlo dobar ‘very good’, or a Masters degree, will be considered for entry to postgraduate research programmes.

Holders of a Bachelors degree(from the University of the West Indies or the University of Technology) may be considered for entry to a postgraduate degree programme. A Class II Upper Division degree is usually equivalent to a UK 2.1. For further details on particular institutions please refer to the list below.  Applicants for PhD level study will preferably hold a Masters degree or Mphil from the University of the West Indies.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 6.5 out of 10, or a GPA of 3 out of 4, and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalár from a recognised Czech Higher Education institution with a minimum overall grade of 1.5, B, velmi dobre ‘very good’ (post-2004) or 2, velmi dobre ‘good’ (pre-2004), or a good post-2002 Magistr (Masters), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum overall grade of 7-10 out of 12 (or 8 out of 13) or higher for 2:1 equivalence and will usually be required to have completed a good Masters/ Magisterkonfereus/Magister Artium degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Holders of the Licenciado or an equivalent professional title from a recognised Ecuadorian university may be considered for entry to a postgraduate degree programme. Grades of 70% or higher can be considered as UK 2.1 equivalent.  Applicants for PhD level study will preferably hold a Magister/Masterado or equivalent qualification, but holders of the Licenciado with excellent grades can be considered.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0 or 75% from a recognised institution. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bakalaurusekraad from a recognised university with a minimum overall grade of 4/5 or B, or a good one- or two-year Magistrikraad from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree with very good grades (grade B, 3.5/4 GPA or 85%) will be considered for Postgraduate Diplomas and Masters degrees. 

Holders of a good Kandidaatti / Kandidat (old system), a professional title such as Ekonomi, Diplomi-insinööri, Arkkitehti, Lisensiaatti (in Medicine, Dentistry and Vetinary Medicine), or a Maisteri / Magister (new system), Lisensiaatti / Licenciat, Oikeustieteen Kandidaatti / Juris Kandidat (new system) or Proviisori / Provisor from a recognised Finnish Higher Education institution, with a minimum overall grade of 2/3 or 4/5, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a should hold a Bachelors degree and will usually be required to have completed a Masters/Maîtrise with a minimum overall grade of 13 out of 20, or a Magistère / Diplôme d'Etudes Approfondies / Diplôme d'Etudes Supérieures Specialisées / Mastère Specialis, from a recognised French university or Grande École to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

The following qualifications may be considered for entry to a Masters programme: Bachelor degree - Transliteration: Bakalavris Khariskhi Diploma in Dentistry / Medicine / Veterinary Medicine) Certified Specialist - Transliteration: Diplomirebuli Spezialisti (when studied for 4 years) (awarded between 2005 and 2010) Specialist Diploma - Transliteration: Umaghlesi Ganatlebis Diplomi (last awarded in 2005) For qualifications awarded 2005 onwards, a B or 81-90/100 can be considered equivalent to a 2.1, and a C or 71-80/100 can be considered equivalent to a 2.1. 

For qualifications awarded before 2005 on a grading scheme out of 5, the following equivalencies may be considered: 2.1 = 4.5 - 4.9, and 2.2 = 4.0 – 4.49

Holders of a Magister Artium, a Diplom or an Erstes Staatsexamen from a recognised university with a minimum overall grade of 2.5, or a good two-year Lizentiat / Aufbaustudium / Zweites Staatsexamen or a Masters degree from a recognised university, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0 Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a good four-year Ptychio (Bachelor degree) with a minimum overall grade of 6.5 out of 10, from a recognised Greek university (AEI), and will usually be required to have completed a good Metaptychiako Diploma Eidikefsis (Masters degree) from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

4-year Licenciado is deemed equivalent to a UK bachelors degree. A score of 75 or higher from Universidad de San Carlos de Guatemala (USAC) can be considered comparable to a UK 2.1, 60 is comparable to a UK 2.2.  Private universities have a higher pass mark, so 80 or higher should be considered comparable to a UK 2.1, 70 is comparable to a UK 2.2

The Hong Kong Bachelor degree is considered comparable to British Bachelor degree standard. Students with bachelor degrees awarded by universities in Hong Kong may be considered for entry to one of our postgraduate degree programmes.

Students with Masters degrees may be considered for PhD study.

Holders of a good Alapfokozat / Alapképzés or Egyetemi Oklevel from a recognised university with a minimum overall grade of 3.5, or a good Mesterfokozat (Masters degree) or Egyetemi Doktor (university doctorate), will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a 60% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of the 4 year Sarjana (S1) from a recognised Indonesian institution will be considered for postgraduate study. Entry requirements vary with a minimum requirement of a GPA of 2.8.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree from a recognised institution, with 100 out of 110 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Students who hold the Maitrise, Diplome d'Etude Approfondies, Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees (14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2).

Students with a Bachelor degree from a recognised university in Japan will be considered for entry to a postgraduate Masters degree provided they achieve a sufficiently high overall score in their first (Bachelor) degree. A GPA of 3.0/4.0 or a B average from a good Japanese university is usually considered equivalent to a UK 2:1.

Students with a Masters degree from a recognised university in Japan will be considered for PhD study. A high overall grade will be necessary to be considered.

Students who have completed their Specialist Diploma Мамаң дипломы/Диплом специалиста) or "Magistr" (Магистр дипломы/Диплом магистра) degree (completed after 1991) from a recognised higher education institution, with a minimum GPA of 2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, will be considered for entry to postgraduate Masters degrees and, occasionally, directly for PhD degrees.  Holders of a Bachelor "Bakalavr" degree (Бакалавр дипломы/Диплом бакалавра) from a recognised higher education institution, with a minimum GPA of  2.67/4.00 for courses requiring a UK lower second and 3.00/4.00 for courses requiring a UK upper second class degree, may also be considered for entry to taught postgraduate programmes.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/50

Holders of a good Postgraduate Diploma (professional programme) from a recognised university or institution of Higher Education, with a minimum overall grade of 7.5 out of 10, or a post-2000 Magistrs, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a score of 16/20 or 80% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in Libya will be considered for postgraduate study. Holders of a Bachelors degree will normally be expected to have achieved score of 70% for 2:1 equivalency or 65% for 2:2 equivalency. Alternatively students will require a minimum of 3.0/4.0 or BB to be considered.

Holders of a good pre-2001 Magistras from a recognised university with a minimum overall grade of 8 out of 10, or a good post-2001 Magistras, will be considered for entry to postgraduate research programmes

Holders of a good Bachelors degree from a recognised Luxembourgish Higher Education institution with a minimum overall grade of 16 out of 20, or a Diplôme d'Études Supérieures Spécialisées (comparable to a UK PGDip) or Masters degree from a recognised Luxembourgish Higher Education institution will be considered for entry to postgraduate research programmes.

Students who hold a Masters degree will be considered for Postgraduate Diplomas and Masters degrees (70-74% or A or Marginal Distinction from a well ranked institution is considered comparable to a UK 2.1, while a score of 60-69% or B or Bare Distinction/Credit is considered comparable to a UK 2.2).

Holders of a Bachelors degree from a recognised Malaysian institution (usually achieved with the equivalent of a second class upper or a grade point average minimum of 3.0) will be considered for postgraduate study at Diploma or Masters level.

Holders of a good Bachelors degree from the University of Malta with a minimum grade of 2:1 (Hons), and/or a Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (Honours) from a recognised institution (including the University of Mauritius) will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2:1).

Students who hold the Licenciado/Professional Titulo from a recognised Mexican university with a promedio of at least 8 will be considered for Postgraduate Diplomas and Masters degrees.

Students who have completed a Maestria from a recognised institution will be considered for PhD study.

Applicants for postgraduate research programmes should hold a Bachelors degree, licence or Maîtrise and a Masters degree, with a score of 14/20 or 70% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Students with a good four year honours degree from a recognised university will be considered for postgraduate study at the University of Birmingham. PhD applications will be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Doctoraal from a recognised Dutch university with a minimum overall grade of 7 out of 10, and/or a good Masters degree, will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor degree (minimum 4 years and/or level 400) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) with a minimum GPA of at least 3.0/4.0 or 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised institution with a minimum GPA of B/Very Good or 1.6-2.5 for a 2.1 equivalency, and will usually be required to have completed a good Masters, Mastergrad, Magister. Artium, Sivilingeniør, Candidatus realium or Candidatus philologiae degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with a CGPA of 3.0/4 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a Bachelors degree from a recognised university in the Palestinian Territories will be considered for postgraduate study. Holders of Bachelors degree will normally be expected to have achieved a GPA of 3/4 or 80% for 2:1 equivalency or a GPA of 2.5/4 or 70% for 2:2 equivalency.    

Holders of the Título de Licenciado /Título de (4-6 years) or an equivalent professional title from a recognised Paraguayan university may be considered for entry to a postgraduate degree programme. Grades of 4/5 or higher can be considered as UK 2.1 equivalent.  The Título Intermedio is a 2-3 year degree and is equivalent to a HNC, it is not suitable for postgraduate entry but holders of this award could be considered for second year undergraduate entry or pre-Masters.  Applicants for PhD level study will preferably hold a Título de Maestría / Magister or equivalent qualification, but holders of the Título/Grado de Licenciado/a with excellent grades can be considered.

Holders of the Bachiller, Licenciado, or Título Profesional with at least 13/20 may be considered as UK 2.1 equivalent.  Applicants for PhD level study will preferably hold a Título de Maestría or equivalent qualification.

Holders of a good pre-2001 Magister from a recognised Polish university with a minimum overall grade of 4 out of 5, dobry ‘good’, and/or a good Swiadectwo Ukonczenia Studiów Podyplomowych (Certificate of Postgraduate Study) or post-2001 Magister from a recognised Polish university with a minimum overall grade of 4.5/4+ out of 5, dobry plus 'better than good', will be considered for entry to postgraduate research programmes.

Holders of a good Licenciado from a recognised university, or a Diploma de Estudos Superiores Especializados (DESE) from a recognised Polytechnic Institution, with a minimum overall grade of 16 out of 20, and/or a good Mestrado / Mestre (Masters) from a recognised university, will be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a good Bachelors degree from a recognised Romanian Higher Education institution with a minimum overall grade of 8 out of 10, and will usually be required to have completed a Masters degree/Diploma de Master/Diploma de Studii Academice Postuniversitare (Postgraduate Diploma - Academic Studies) or Diploma de Studii Postuniversitare de Specializare (Postgraduate Diploma - Specialised Studies) to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Диплом Специалиста (Specialist Diploma) or Диплом Магистра (Magistr) degree from recognised universities in Russia (minimum GPA of 4.0) will be considered for entry to taught postgraduate programmes/PhD study.

Students who hold a 4-year Bachelor degree with at least 16/20 or 70% will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a Maitrise, Diplome d'Etude Approfondies,Diplome d'Etude Superieures or Diplome d'Etude Superieures Specialisees will be considered for Postgraduate Diplomas and Masters degrees. A score of 14-15/20 or Bien from a well ranked institution is considered comparable to a UK 2.1, while a score of 12-13/20 or Assez Bien is considered comparable to a UK 2.2

Students who hold a Bachelor (Honours) degree from a recognised institution with a minimum GPA of 3.0/4.0 or 3.5/5.0 (or a score of 60-69% or B+) from a well ranked institution will be considered for most our Postgraduate Diplomas and Masters degrees with a 2:1 requirement.

Students holding a good Bachelors Honours degree will be considered for postgraduate study at Diploma or Masters level.

Holders of a good three-year Bakalár or pre-2002 Magister from a recognised Slovakian Higher Education institution with a minimum overall grade of 1.5, B, Vel’mi dobrý ‘very good’, and/or a good Inžinier or a post-2002 Magister from a recognised Slovakian Higher Education institution will be considered for entry to postgraduate research programmes.

Holders of a good Diploma o pridobljeni univerzitetni izobrazbi (Bachelors degree), Diplomant (Professionally oriented first degree), Univerzitetni diplomant (Academically oriented first degree) or Visoko Obrazovanja (until 1999) from a recognised Slovenian Higher Education institution with a minimum overall grade of 8.0 out of 10, and/or a good Diploma specializacija (Postgraduate Diploma) or Magister (Masters) will be considered for entry to postgraduate research programmes.

Students who hold a Bachelor Honours degree (also known as Baccalaureus Honores / Baccalaureus Cum Honoribus) from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (70%) or a distinction (75%).

Holders of a Masters degree will be considered for entry to postgraduate research programmes.

Holders of a Bachelor degree from a recognised South Korean institution (usually with the equivalent of a second class upper or a grade point average 3.0/4.0 or 3.2/4.5) will be considered for Masters programmes.

Holders of a good Masters degree from a recognised institution will be considered for PhD study on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 7 out of 10 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Applicants for postgraduate research programmes should hold a Bachelors degree and will usually be required to have completed a Masters degree, with 60-74% or a CGPA 3.30/4.0 or higher for 2:1 equivalency from a recognised institution to be considered for entry. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Kandidatexamen (Bachelors degree) or Yrkesexamen (Professional Bachelors degree) from a recognised Swedish Higher Education institution with the majority of subjects with a grade of VG (Val godkänd), and/or a good Magisterexamen (Masters degree), International Masters degree or Licentiatexamen (comparable to a UK Mphil), will be considered for entry to postgraduate research programmes.

Holders of a good "PostGraduate Certificate" or "PostGraduate Diploma" or a Masters degree from a recognised Swiss higher education institution (with a minimum GPA of 5/6 or 8/10 or 2/5 (gut-bien-bene/good) for a 2.1 equivalence) may be considered for entry to postgraduate research programmes.

Applicants for postgraduate research programmes should hold a Bachelors degree and a Masters degree, with a GPA of 3.0/4.0, 3.5/5 or 75% from a recognised institution to be considered. Applicants with lower grades than this may be considered on an individual basis.

Holders of a good Bachelor degree (from 75% to 85% depending upon the university in Taiwan) from a recognised institution will be considered for postgraduate Masters study. Holders of a good Masters degree from a recognised institution will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees.  Most taught Masters programmes require a minimum of an upper second class degree (2.1) Students who have completed a Masters degree from a recognised institution will be considered for PhD study.

Holders of a good Masters degree from a recognised institution will be considered for entry to our postgraduate research programmes.

Holders of a good Masters degree or Mphil from a recognised university will be considered for entry to postgraduate research programmes.

Students with a Bachelors degree from the following universities may be considered for entry to postgraduate programmes:

• Ateneo de Manila University - Quezon City
• De La Salle University - Manila
• University of Santo Tomas
• University of the Philippines - Diliman

Students from all other institutions with a Bachelors and a Masters degree or relevant work experience may be considered for postgraduate programmes.

Grading Schemes

1-5 where 1 is the highest 2.1 = 1.75 2.2 = 2.25 

Out of 4.0 where 4 is the highest 2.1 = 3.0 2.2 = 2.5

Letter grades and percentages 2.1 = B / 3.00 / 83% 2.2 = C+ / 2.5 / 77%

Holders of a postdoctoral qualification from a recognised institution will be considered for PhD study.  Students may be considered for PhD study if they have a Masters from one of the above listed universities.

Holders of a Lisans Diplomasi with a minimum grade point average (GPA) of 3.0/4.0 from a recognised university will be considered for postgraduate study at Diploma or Masters level.

Holders of a Yuksek Diplomasi from a recognised university will be considered for PhD study.

Students who hold a Bachelor degree from a recognised institution will be considered for Postgraduate Diplomas and Masters degrees. Most Masters programmes will require a second class upper (2.1) or GPA of 3.5/5.0

Applicants for postgraduate research programmes should hold a good Bachelors degree / Диплом бакалавра (Dyplom Bakalavra), Диплом спеціаліста (Specialist Diploma) or a Dyplom Magistra from a recognised Ukrainian higher education institution with a minimum GPA of 4.0/5.0, 3.5/4, 8/12 or 80% or higher for 2:1 equivalence and will usually be required to have completed a good Masters degree to be considered for entry to postgraduate research programmes. Applicants with lower grades than this may be considered on an individual basis.

The University will consider students who hold an Honours degree from a recognised institution in the USA with a GPA of:

• 2.8 GPA (on a 4.0 scale) for entry to programmes with a 2:2 requirement 
• 3.2 GPA (on a 4.0 scale) for entry to programmes with a 2:1 requirement 

Please note that some subjects which are studied at postgraduate level in the USA, eg. Medicine and Law, are traditionally studied at undergraduate level in the UK.

Holders of the Magistr Diplomi (Master's degree) or Diplomi (Specialist Diploma), awarded by prestigious universities, who have attained high grades in their studies will be considered for postgraduate study.  Holders of the Fanlari Nomzodi (Candidate of Science), where appropriate, will be considered for PhD study.

Holders of the Licenciatura/Título or an equivalent professional title from a recognised Venezuelan university may be considered for entry to a postgraduate degree programme. Scales of 1-5, 1-10 and 1-20 are used, an overall score of 70% or equivalent can be considered equivalent to a UK 2.1.  Applicants for PhD level study will preferably hold a Maestria or equivalent qualification

Holders of a Bachelors degree from a recognised Vietnamese institution (usually achieved with the equivalent of a second class upper or a grade point average minimum GPA of 7.0 and above) will be considered for postgraduate study at Diploma or Masters level.  Holders of a Masters degree (thac si) will be considered for entry to PhD programmes.

Students who hold a Masters degree with a minimum GPA of 3.5/5.0 or a mark of 2.0/2.5 (A) will be considered for Postgraduate Diplomas and Masters degrees.   

Students who hold a good Bachelor Honours degree will be considered for Postgraduate Diplomas and Masters degrees. 

International Students

English requirements are IELTS 7.0 with no less than 6.5 in any band or equivalent.

Members of the Department of Finance can offer supervision within the following areas.

Corporate Finance

Capital structure decision making including interactions between corporate investment and dividend/capital structure decisions. Issues relating to capital structure and firm performance and the study of agency costs. The examination of corporate events such as  stock repurchases, corporate restructuring, mergers and acquisitions ,IPOs, delistings and financial distress & bankruptcy. Entrepreneurial finance, debt and equity gaps, venture capital and private equity, financial flexibility in firms and R&D smoothing.

Capital  Markets

Within the field of capital markets we can offer supervision which examines debt maturity, and a wide range of market microstructure topics including those relating to liquidity and liquidity risk, market architecture and the trading environment, as well as microstructure effects associated with the international cross-listing of securities.  The use of derivatives for risk management. Islamic Finance. Institutional investment, portfolio investment, risk and investment volatility

Financial Regulation and Corporate Governance

Corporate governance – including shareholder voting, engagement, stock lending, communication within the board of directors, and board behaviour and performance, executive compensation. Agency conflicts. The use of the interbank market as a regulatory device, Basel III and new rules for global finance,.

Banking and Financial Services

Doctoral researchers in Finance are registered for a full time 3-year PhD or a part-time 6-year PhD. In the first year of the programme doctoral researchers are required to take Econometrics with Financial Applications module from the Department of Economics (30 credit module). They also need to take at least one of the existing MSc Investments and MSc Accounting and Finance courses and one other module to successfully complete 60 credits of study. The MSc module and one other appropriate M or D level module should be chosen in agreement with the doctorial researcher’s supervisor, as appropriate for the their research topic.  Modules available include: Financial Modelling and Forecasting Techniques (20 credits), Empirical Topics in Accounting and Finance (20 credits) and Quantitative Methods in Finance (10 credits). Doctoral researchers are also recommended to take Advanced Training Modules from the MA Social Research Programme or other modules (e.g. Qualitative Methods) as appropriate to their research and training needs.

By the end of their first year doctoral students will have completed an 8,000 word research proposal that they will present and be evaluated on at the first annual review. This forms the basis for supervised research over the remaining two years of the programme and the production of an 80,000 word thesis.

Career prospects

PhD graduates from Birmingham Business School are working in central banks, Government departments, a variety of financial institutions, accountancy firms, supranational organisations and multinational corporations. Many of our PhD graduates also go on to forge successful academic careers in other top Universities.

Doctoral Research career assistance

The University of Birmingham has invested heavily in careers and employability support. The Careers Team have been praised for enhanced developments within their team and for adopting a model of integrated employability and internship support; something that has been rolled out and implemented across all Schools and Colleges at the University.

Doctoral researchers at Birmingham Business School benefit from its own well qualified dedicated Careers Team to support students with employment opportunities, work placements, internships and how to succeed at interview. In addition, a range of career management, personal development and employer events are run each year by the Careers in Business Team to help you make the most of the opportunities available.

The University also has dedicated careers advisors for international students  who run workshops and networking opportunities with potential employers. These are especially popular with international postgraduate researchers.

• Online chat events

• Search jobs
• What we offer
• Graduates and Students
• How you can join us
• Careers page

PhD traineeships in Macroprudential Policy and Financial Stability

General Information

Type of contract PhD traineeship

Who can apply? EU nationals eligible for our traineeship programme

Grant The trainee grant is €2,120 per month plus an accommodation allowance (see further information section)

Working time Full time

Place of work Frankfurt am Main, Germany

Closing date 13.09.2022

Your team You will be part of the Directorate General Macroprudential Policy and Financial Stability. Our Directorate General has approximately 100 staff providing analyses and policy advice on issues relating to financial stability, financial regulation and macroprudential policy. In particular, we identify and measure systemic risks, develop financial regulation and macroprudential measures and assess their impact on the financial system. We work on policy strategy and coordination, as well as the challenges facing the banking and non-banking financial sectors. We are also working on a financial system-wide assessment of risks and vulnerabilities resulting from the current financial, economic and geopolitical environment. We are looking for PhD trainees in the Systemic Risk and Financial Institutions Division, the Market-based Finance Division and the Financial Regulation and Policy Division. In the area of systemic risk and financial institutions, we analyse developments in the euro area banking sector and broader financial system from a systemic risk perspective. We coordinate the production of the ECB’s Financial Stability Review. We also propose and assess structural macroprudential policy measures for systemic banks.  In the area of market-based finance, we assess systemic risks arising from the activities and behaviour of non-bank financial intermediaries and market participants. We also monitor and assess financial stability risks in financial markets and coordinate the Directorate General’s market intelligence activities.  In the area of financial regulation, we analyse policy issues from a financial stability and financial integration perspective. We conduct impact analyses on regulatory developments to assess the effectiveness of adopted or proposed reforms from a macroprudential perspective. We also contribute to European and international discussions on regulatory and supervisory issues. In your role as a PhD trainee, you will be part of a team of approximately 20 members of staff responsible for policy-relevant analysis, model development and the coordination of the ECB’s views on the issues outlined above. You will work closely with our experts, contributing to projects that are relevant to the division to which you are assigned. The ECB is an inclusive employer and we strive to reflect the diversity of the population we serve. We encourage you to apply irrespective of age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.

• work on analytical projects to help assess the potential systemic risks originating from the real economy and the banking sector, as well as those stemming from broader threats such as climate change, using large and complex granular datasets for econometric modelling (e.g. credit registers). This may include analysing risks that arise from corporate or sovereign indebtedness, the sovereign-bank nexus and euro area banks’ risk-taking and resilience levels, as well examining financial interconnectedness and contagion channels. 
• work on research projects to assess systemic risks arising from financial markets and the non-bank financial sector, including those emanating from asset management and insurance activities and from the sector’s role in funding the real economy;
• work empirically with large granular datasets, such as data reports on derivatives or securities financing transactions, portfolio holdings data and commercial data on investment funds and financial markets;
• provide analytical input into the wider policy debate around non-bank financial intermediation and systemic risk;
• carry out work relating to (i) the assessment of climate-related risks to non-bank financial intermediaries and financial markets and (ii) the role of green finance in supporting the transition towards a net zero economy, together with the associated policy options.
• contribute to the assessment of macroprudential and financial regulatory policies and/or financial stability arrangements, including impact assessments to evaluate the effectiveness of adopted or proposed reforms from a financial stability and financial integration perspective. This may include empirical analysis of the interaction (i) between regulation and banks’ intermediation activities, (ii) between integration and stability, and (iii) between micro- and macroprudential instruments. Additional issues of interest are (i) sustainable finance, (ii) non-bank financial intermediation, and (iii) the structural transformation of the financial system caused by the evolution of private digital money (such as crypto-assets and stablecoins), together with the role played by private digital money in the wider crypto ecosystem and its linkages with the traditional financial system.
• a master’s degree and at least two years of PhD studies in finance, economics, statistics, mathematics, physics, engineering, computer science or a related discipline;
• a sound background in one or more of the following fields: macroeconometrics, financial instruments, institutions and markets, financial sector analysis, financial policy and/or regulation, panel data and time series econometrics, VaR models, DSGE models, numerical techniques, mathematical optimisation models, computational economics, network analysis, banking theory, monetary economics and/or corporate finance;
• an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages .
• experience in working with large granular datasets, combining different data sources and drawing information from complex financial and real sector data;
• advanced programming skills and knowledge of programming languages and econometric software (e.g. Python, R, MATLAB, C++, Stata, SQL and/or EViews);
• a good knowledge of at least one of the areas described under “Your role” above.

Further information PhD traineeship of between three and 12 months in total. The earliest starting date will be mid-January 2023, and additional dates will be available throughout 2023.

Application and selection process Further information on how to join us is available on our website . The recruitment process for this position will include an online interview.  If you are not selected for this position but are still considered suitable, you will be placed on a reserve list for 12 months from the closing date for applications, from which you might be considered for similar positions within the ECB.

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Undergraduate Scholars Entrance Scholarships (USES) Regulations

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The terms of reference below apply to:

• Undergraduate Scholars Entrance Scholarship (International and Domestic)
• Undergraduate Scholars Entrance Scholarship with Distinction (International and Domestic)
• The Darcy and Karina Biagioni Family Scholarship
• The Shein and Amynmohamed Rajan Family Undergraduate Entrance Scholarship in Computing Science (awarded Fall 2023 onward)
• Surrey Close to Home Entrance Scholarship
• Stolte Family Undergraduate Entrance Scholarship in Sustainable Energy Engineering

Payment One:

To receive the first payment, you must:

• have final grades  that meet the academic requirements to maintain admission to your primary program of study for the Fall term; and 
• be enrolled in a minimum of 12 SFU standard graded units.

Entrance Scholarship recipients whose admission evaluation on  final grades  does not demonstrate a minimum score of 90% in  courses required for their primary program or 31 IB points (excluding predicted bonus points) will be contacted by the Financial Aid and Awards office for additional requirements. 

If you enrol in 3 to 11 SFU standard graded units in your first term, your scholarship will automatically be deferred to the next term. To be eligible for your first payment in the following term, you must meet the renewal cumulative grade point average (CGPA) of 2.00 on your first term marks and enrol in at least 12 SFU standard graded units in the following term. You will become ineligible for entrance scholarship funding if you do not attain a minimum 2.00 CGPA in your first term.

Payment Two:

To receive the second payment, you must:

• achieve a minimum CGPA of 2.00 at the end of your first term; and

Payment Three, Onwards:

To receive the third payment and all subsequent payments, you must:

• have a minimum CGPA of 3.00; and
• be enrolled in a minimum of 12 SFU standard graded units per term.

Term Tenure:

The number of terms each scholarship needs to be claimed within is listed below:

During the terms when you meet the CGPA requirements and do not register in classes, or register in less than 12 SFU standard graded units, your entrance scholarship will be deferred to a future term when you meet eligibility criteria again. Please note, your CGPA for  all  SFU units (even in the terms you did not receive a payment) will be reviewed when assessing your eligibility for your future entrance scholarship payments.

If your CGPA is less than 2.00, your scholarship will be permanently cancelled.

If your CGPA is 2.00-2.99, you will not be eligible for scholarship payments.  Once your CGPA reaches 3.00 or higher while within the term tenure of your scholarship, your scholarship payments will resume.

Students eligible for an SFU Employee Tuition Waiver

If you are the recipient of a USES program scholarship, you cannot hold this scholarship and the SFU Employee Tuition Waiver concurrently in the same term. However, the SFU Employee Tuition Waiver can be used in academic terms in which you do NOT receive entrance scholarship payments.

If you are eligible for an SFU Employee Tuition Waiver and have received another type of entrance scholarship, award or bursary, please contact our office at  [email protected]  to review the terms of reference of your funding.  

For more information about the tuition waiver, visit the  Employee Tuition Waiver  webpage.

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Utilizing data on antimicrobial use and knowledge to inform regulatory changes to antibiotic packaging and support antimicrobial stewardship efforts in Bangladesh

Antimicrobial stewardship efforts undertaken to date include the development of national treatment guidelines and the piloting of selected interventions in a small number of hospitals. The Directorate General of Drug Administration (DGDA), operating under the Ministry of Health & Family Welfare, serves as the national regulatory authority tasked with ensuring the quality, safety, and efficacy of pharmaceutical products through the enforcement of relevant legislation. Enforcing the regulations to prohibit over-the-counter sale of prescription-only medicines, including antibiotics, has been challenging due to the 86 local manufacturers producing 98% of medicines for the pharmaceutical market and the vast number of pharmacies in the country (approximately 202,500 in 2022), leading to a large proportion of antibiotics being obtained over the counter and self-medication with antibiotics. Compounding this issue is a lack of understanding about antibiotics and AMR among the general population. This lack of awareness further perpetuates inappropriate antibiotic usage in Bangladesh.

To address these challenges effectively, concerted efforts are needed to strengthen regulatory enforcement, enhance public awareness campaigns, and promote antimicrobial stewardship practices across all sectors of society. Collaboration between governmental bodies, healthcare professionals, pharmaceutical manufacturers, and community stakeholders is crucial in mitigating the threat of AMR and safeguarding the effectiveness of antimicrobial treatments in Bangladesh.

In addition, significant increases observed in the use of antibiotics in Bangladesh prompted investigation and intervention. Total antibiotic use more than doubled from 19.8 defined daily doses per 1,000 inhabitants per day (DID) in 2018 to 55.5 DID in 2021 and 48.9 DID in 2022 (compared with the median of 16.6 DID in 26 countries contributing data to the Global Antimicrobial Resistance and Use Surveillance System [GLASS] in 2020). In 2022, Access group antibiotics made up 29% of overall national use, falling well below the 60% target and indicating widespread overuse and misuse of broad-spectrum Watch antibiotics. Major increases of three- to four-fold were seen in the use of third- generation cephalosporins (e.g., ceftriaxone), sulfamethoxazole/trimethoprim, fluoroquinolones (e.g., moxifloxacin) and nitroimidazoles (e.g., metronidazole). Third- generation cephalosporins, largely cefixime and ceftriaxone, made up 33.3% of total national antibiotic use. This is concerning given their use is associated with an increased risk of infection and colonization with extended-spectrum beta-lactamases (ESBLs).

With technical support from the World Health Organization (WHO) Country Office in Bangladesh and Staten’s Serum Institute in Denmark, alongside financial backing from the Fleming Fund, the DGDA investigated the escalating antibiotic use in the country. This collaborative effort aimed to identify the underlying causes and devise interventions to tackle the issue effectively. Subsequently, an initiative was launched to overhaul antibiotic packaging for all antibiotics manufactured and sold within Bangladesh. This initiative was a proactive measure to address inappropriate antibiotic use and combat AMR in the country.

Antibiotic packaging initiative

A baseline survey was conducted in November and December 2021 by Assistant Director of DGDA, Ms. S.M. Sabrina Yesmin, which has provided valuable insights into the knowledge levels of pharmacy retailers regarding antibiotics and AMR in Bangladesh. The survey encompassed 427 pharmacy retailers across 8 divisions of the country and utilized a mixed-method approach to gather data. Approximately one-third of retailers were not suitably qualified as pharmacists and over two-thirds could not readily identify examples of antibiotics. To complement the survey, key informant interviews were conducted between December 2021 and January 2022 with a range of policymakers, healthcare professionals, manufacturers, pharmacy retailers, graduate pharmacists, development partners, and researchers. Interviewees were asked a series of questions about the adequacy of existing labeling of antibiotics and to provide feedback on different proposed designs of antibiotic packaging and the feasibility of their implementation. The consensus among stakeholders was that existing primary packaging (which comes into direct contact with the antibiotic e.g. blister pack for tablets) and secondary packaging (outer packaging to protect storage and transportation e.g. cardboard box) of antibiotics did not distinguish it from other medicines, making it difficult for both retailers and consumers to distinguish antibiotics from other medicines.

The results of the survey and interviews, as well as proposed changes to antibiotic packaging, were presented by DGDA to the Bangladesh Association of Pharmaceutical Industries for discussion in January 2022. The association initially raised concerns that regulations could limit market access for existing antibiotics, reducing profitability and disincentivizing manufacturers from producing antibiotics. They also highlighted that adhering to new regulations would necessitate significant investment in updating packaging processes and ensuring compliance, leading to increased operational costs. However, evidence generated from the survey and meetings held to sensitize manufacturers on the impact of AMR helped to alleviate these concerns.

Based on engagement with key stakeholders, DGDA proposed regulatory changes to the packaging of all antibiotics for human and veterinary use marketed in Bangladesh. This involved the inclusion of red markings and the text “antibiotic” on the primary and secondary packaging, as well as the phrase “Do not take antibiotics without the prescription of a registered physician” (Figure 1). This decision aimed to enhance public, retailer and health worker awareness and ability to identify antibiotics from other medicines and modify their behaviors to reduce self-medication. The decision was endorsed by the Ministry of Health & Family Welfare’s Drug Control Committee in March 2022. An official letter was circulated to all pharmaceutical companies in the country, detailing requirements for samples of the new packaging for antibiotic products to be submitted to the DGDA by November 2022 and enforcement of the required changes from December 2022. The delayed enforcement was to allow for the stocks of products with older packaging to be depleted, but new batches of antibiotics would be required to adhere to the red label packaging immediately. The antibiotic packaging initiative in Bangladesh was officially launched and publicly promoted during World Antimicrobial Awareness Week in November 2022. . It was further supported by the inclusion of relevant regulations in Section 40(d) of the Drug and Cosmetics Act 2023, which implemented strict measures, including fines of up to 20,000 Bangladeshi taka (BDT) (equivalent to USD 182) for the sale of antibiotics or any other prescription-only medicine without a prescription from a registered doctor. DGDA conducts regular inspections of retail pharmacies to monitor compliance and issue penalties for infringements. As of January 2024, approximately 80% of pharmaceutical companies had implemented changes to their antibiotic packaging in accordance with the regulatory requirements. This indicates significant progress in the adoption of the new packaging standards and reflects the commitment of both regulatory authorities and pharmaceutical companies to combat AMR and promote responsible antibiotic use in Bangladesh. The impact of the initiative will be measured through ongoing national antimicrobial use surveillance and a post survey of relevant stakeholders. Any unintended consequences, such as reduced access of lifesaving treatments for marginalized or vulnerable populations, will also be evaluated.

While regulatory decisions and interventions may be time- and resource-intensive to implement, these are indispensable in promoting the appropriate use of antimicrobials and enabling antimicrobial stewardship efforts to be effective and sustainable. There must be robust mechanisms to ensure they are enforced, with processes in place to objectively measure their impact, as well as monitor any unintended consequences.

Figure 1. Example of red marking initiative on antibiotic packaging in Bangladesh